A 28-story apartment tower is on the table for 1415 N. Dayton St. in Lincoln Park, a plan that would drop roughly 340 new rentals into the neighborhood’s skyline and test how high locals are willing to go. The concept stacks a glass high-rise on top of a six-story masonry podium, with a mix of market-rate and income-restricted units, on-site amenities and an estimated $145 million development cost. The teams behind the project say they want City Council approval as soon as March and are targeting spring 2028 for the first move-ins.
According to Crain's Chicago Business, Chicago-based Honore Properties and Elmhurst-based Peerless Development are planning around 340 rentals with an 80/20 split between market-rate and affordable units, which works out to roughly 68 income-restricted apartments. Crain's reports the developers paid nearly $3.5 million for the site in 2024 and are eyeing market rents in the $4 to $5 per-square-foot range. The podium level would pack in a fitness center, coworking space and an internal courtyard.
What's Planned
The latest rendering shows a sleek glass tower rising from a six-story masonry base, a setup that keeps the bulk of the height above while trying to scale things down closer to the sidewalk. The site currently holds a four-story loft office building, per LoopNet, and the developers say they first kicked around an office-to-residential conversion before deciding to start fresh with a new tower. Honore Properties and Peerless Development have both posted background on their Lincoln Park acquisitions and plans on their own sites.
Approval Path and Timeline
The developers told Crain's Chicago Business they intend to assemble air rights from three nearby properties to hit the proposed height. They are aiming for City Council approval in March 2026. If that happens, they are targeting a fall 2026 construction start and a spring 2028 opening for the first wave of units, which would also mark Honore and Peerless’s first high-rise project together.
Where It Fits in Lincoln Park's Building Boom
This North Dayton proposal is one of several big plays reshaping the Clybourn and Near North corridors, where master plans and new rental buildings have been moving ahead in recent years. Nearby, multi-phase work at The Shops at Big Deahl and other developments has brought a mix of mid-rise and tower buildings, adding hundreds of apartments and new public space to the area. Urbanize Chicago has been tracking those permits and construction, while other commercial real estate coverage has flagged additional redevelopment efforts nearby.
Neighbors and Next Steps
Projects of this scale typically draw plenty of scrutiny during zoning review, with neighborhood groups and the local alderperson often pushing for design tweaks, traffic studies and community benefits. Recent coverage shows organized resistance to major new buildings in nearby neighborhoods, and on the North Side, developers have been converting or assembling sites as demand for traditional office space cools. Block Club Chicago documented opposition to a recent Old Town tower, while industry reporting on Honore and Peerless’s earlier buys lays out their shift toward residential projects in Lincoln Park; The Real Deal covered those acquisitions.
What to Watch
The City Council’s March calendar will show whether this tower advances to a full vote and what conditions, if any, get attached along the way. If it clears that hurdle, permits and a more detailed construction schedule are expected later this year, and neighbors and commuters will have multiple chances to weigh in during the public review process.
