Eastlake Gets a Makeover
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Rogers Parkers are a diverse group of people coming from many places and holding many beliefs. But ask anyone who knows the neighborhood, or who has lived there for any period of time where they would most like to live and odds are good you will hear a consistent answer – Eastlake Terrace.
Eastlake Terrace has always been the best address in Rogers Park. It is truly a unique location, hugging the shores of Lake Michigan with three public parks along its short, three-block length. The street is lined with a variety of buildings, many of them vintage properties with high ceilings and elaborate finishes. You hardly ever see a car drive by as all the traffic is diverted to Sheridan road, a block to the west.
But, a century of weather cycles and normal wear and tear have taken their toll on the vintage buildings of Eastlake Terrace. Like the rest of the neighborhood – in fact, like most of Chicago – Eastlake went through a particularly difficult period in the last decades of the 20th Century as the city’s economy shifted and many neighborhoods struggled to adjust.
Despite these challenges, Eastlake’s one-of-a-kind location has always attracted people who recognize the special-ness of the place, and the lifestyle that cannot be replicated anywhere else. Just ask Tom Heineman, longtime Director and Treasurer of RPBG. Tom has lived on Eastlake for decades and wouldn’t live anywhere else.
Becovic’s showpiece redevelopment is The Eastlake – a true luxury building – the first of its kind on Eastlake Terrace.
A few years ago, another Director of RPBG took an interest in Eastlake Terrace when his company paid a premium price for a rare portfolio of twelve buildings with a total of 186 units on and near the street. That Director is Sal Becovic, President of family-owned Becovic. With this portfolio acquisition, Becovic made a very big bet on the future of Rogers Park.
Ask Sal about the purchase and he will gush about the unique appeal of the Eastlake location. Where else in Chicago can you live directly on Lake Michigan without a constant stream of traffic rushing by and hordes of other people competing for every square inch of park or beach?
The answer? Nowhere. Only Eastlake Terrace gives you such intimate access to the parks, beaches and Lakefront without the hassles and inconvenience of more congested locations. Only on Eastlake can you walk out your door (without having to ride an elevator down 20 floors through lobbies, doormen and security) and enjoy the beauty and serenity of Chicago’s Lakefront.
Where else in Chicago can you live directly on Lake Michigan without a constant stream of traffic rushing by and hordes of other people competing for every square inch of park or beach?
On an unseasonably warm and sunny afternoon last spring, Sal gave me a tour of his Eastlake buildings and took me through a good-sized handful of units he is renovating. The results are impressive and Sal’s enthusiasm is infectious. Becovic has only owned the portfolio since September 2019. In that short time, the company has made significant changes up and down the street. This work was complicated, but not stopped, by the pandemic. The work continues and is expected to take a few more years to complete.
While Sal recognizes the unique attractiveness of the Eastlake location, he is also well aware that Rogers Park remains a diverse community and derives much of its character from the wide mix of people who live there. The company has made the decision that the Eastlake properties will not be turned into an exclusive enclave of luxury units that price out the broader Rogers Park community. In fact, Becovic has set out to create as diverse a mix of units as possible, offering a wide range of price points with different levels of finishes and amenities from basic to high end.
At a time when the political establishment is making it harder and harder for housing providers to run their businesses, it is all the more impressive to see energetic and enthusiastic believers in the future of Rogers Park and Chicago putting their hard work, talent and capital into Chicago apartments.
Becovic’s showpiece redevelopment is The Eastlake in the 7700 block. This is truly a unique building that combines a number of amenities rarely found in a single property, including spectacular Lake views and garage parking. The building fronts directly on Lake Michigan to the east and Rogers Park to the south and will contain 11 modern, two and three-bedroom units. The property is currently in pre-leasing with move-ins scheduled for October 1st.
The Eastlake will be a true luxury building and will be the first of its kind on Eastlake Terrace. It will look, feel (and cost) more like comparable luxury downtown and prime North Side properties. This is a full gut renovation, incorporating a full range of modern amenities, including high-end kitchens and bathrooms, in-unit laundry and high-efficiency heating and A/C. But the combination of vintage charm, Lake and park views, and on-site parking in this quiet, secluded location is simply unparalleled anywhere else in Chicago.
If The Eastlake will be at the top of the rental market, the other 11 properties in the portfolio – which Becovic is calling the Villages of Eastlake – will span a broad range of price points and finishes. The Villages properties range from vintage courtyards to mid-century California-style buildings. Becovic has meticulously improved the landscaping of all of these properties, and has done significant unit and common area improvements since acquisition. But, unlike The Eastlake, most of these properties will not be gut renovated and will have pricing more in line with other Rogers Park locations. Becovic is wasting no time as the company continues to invest time, money and creativity into their Eastlake properties.
At a time when the political establishment is making it harder and harder for housing providers to run their businesses, it is all the more impressive to see energetic and enthusiastic believers in the future of Rogers Park and Chicago putting their hard work, talent and capital into Chicago apartments. Becovic is to be commended for their vision and the tangible work the company has done to make this vision a reality. Most of all, it is hard not to be impressed by Sal and his company’s continued belief in and commitment to Rogers Park and Chicago – a belief that goes well beyond lip service and can be seen in the huge investments Becovic is making in Rogers Park and elsewhere across the city.
Someday, when the pandemic is finally behind us, Sal has offered to show off his work up and down Eastlake with the entire RPBG community. If your reaction is anything like mine, you will like what you see.
