Logan Square residents received a detailed update on Monday about a new development plan for the long‑empty former Milshire Hotel. The building, which has sat vacant for roughly 12 years, is slated to be transformed into 30 modern apartments with two ground‑floor retail spaces, while preserving its historic 15‑foot‑tall neon sign that has lit the neighborhood for about 84 years.
Project details and historic preservation
Concord Capital, a real‑estate firm that purchased the property last year, presented the proposal at a virtual community meeting hosted by the 1st Ward office. Kevin Schnell, vice president of acquisitions for Concord Capital, emphasized the team’s intent to “reuse the existing building and bring it back to life,” restoring the façade, commercial storefronts, and the iconic neon sign.
The building, constructed in the 1920s as a small hotel serving Logan Square’s bustling entertainment district, will retain its terracotta and limestone base. New windows will be installed, and interior damage described by Schnell as “nature has taken over” will be repaired as part of the rehabilitation.
Apartment mix and affordability
The proposed unit mix includes 21 studio apartments (402 sq ft each), seven one‑bedroom units (527 sq ft), one two‑bedroom unit (789 sq ft) and one three‑bedroom unit (764 sq ft). While the units are smaller than many newer developments, Schnell noted that the historic corridor‑style layout traditionally featured modestly sized, more affordable units.
Rent will be set at roughly 80‑100 % of the area median income (AMI). For a single‑person household, that translates to incomes of $68,050‑$85,100; for a two‑person household, $77,800‑$97,200. A portion of the apartments—estimated at six units, or 20 % of the total—will be reserved for households earning 60 % of AMI, starting at $51,060 for a single person. The exact number of below‑market units will be confirmed by the Department of Housing after the zoning amendment is submitted to City Council.
Zoning, transit access and community input
The project requires a zoning change, which will be reviewed by the City Council. The ward office has already logged about 40 supportive comments, and residents can continue to submit feedback online while Alderman Daniel La Spata weighs the decision.
Because the building sits near the Logan Square Blue Line station and the Milwaukee Avenue bus stop, the developers have opted not to include parking. Instead, they envision ground‑floor retail that complements the neighborhood’s entertainment district. Zoning advisor Nick Zettel, chief of staff for Alderman La Spata, encouraged the team to consider complementary tenants such as a bar, café, or speakeasy.
Historical context and timeline
The Milshire Hotel once housed up to 70 single‑room‑occupancy renters, many of whom struggled with mental health and substance‑abuse challenges. After the last tenants were evicted in 2014, the building changed hands several times. Mark Fishman, a well‑known local investor, bought the property in 2014 and attempted to sell the neon sign in 2022 without success. Concord Capital acquired the site last year and is now moving forward with the adaptive‑reuse plan.
If city approvals and permitting proceed as expected, construction could begin next year with the first apartments ready for occupancy by 2028.
Community impact
The redevelopment promises to add density to a vibrant commercial strip while honoring Logan Square’s architectural heritage. By preserving the neon sign and offering a mix of market‑rate and below‑market units, the project aligns with the city’s affordable‑housing goals and supports families and individuals seeking stable, reasonably priced homes in a transit‑rich neighborhood.
Original reporting: Block Club Chicago — read the source article.
