Cobbler Square Lofts

Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) is delighted to introduce Cobbler Square Lofts, a 292-unit apartment community situated in Old Town, the highly sought-after and #4 ranked neighborhood in Chicago (Niche.com 2024). Originally built in 1889, this historic property once operated as the Dr. Scholl’s shoe factory and headquarters before being converted to a residential property. Today, Cobbler Square Lofts combines the charm of the former shoemaking factory with modern amenities, including on-site retail, offering residents a truly one-of-a-kind living experience.

Situated on a full city block in Old Town and just off of bustling Wells Street, Cobbler Square Lofts boasts an exceptional 99 Walk Score, providing residents easy access to the city’s best attractions, including restaurants, entertainment venues, North Avenue Beach, and Lincoln Park. Housed in a beautifully restored vintage building, Cobbler Square Lofts showcases a mix of studio, one-, and two-bedroom units, appealing to a wide demographic of tenants. These desirable floor plans have undergone renovations and provide new ownership the opportunity to continue the verifiable programmatic renovation plan to take this asset into its next chapter.

In addition to unit renovations, this offering provides two exciting development opportunities for Cobbler Square Lofts. Firstly, a prime land play option on the existing parking lot at 1350 N. North Park Ave offers future development potential. Secondly, the property allows for expansion by constructing additional units above the southwest corner garage, maximizing the site’s potential and revenue-generating capacity.

This unbeatable opportunity is available with accretive assumable financing: (3.80% Rate, 119 Months Term Remaining, 59 Months I/O Remaining).