CONTACT: Marilyn Katz

3L Real Estate Closes on Second Big Chicago Buy

 Chicago-Based Developer to Restore South Loop Yellow Cab Building

(CHICAGO, IL – October 3, 2016) Long an anchor building when the near south side was the city’s iconic Motor Row District, the former Yellow Cab building is destined for a new life as a home for people instead of cars. 3L Real Estate, a relatively new entrant in Chicago’s real estate market, has announced their purchase of the building and plans to transform the 80,000 square foot warehouse into a quality residential living space to accommodate the growing market for near-downtown living. 

According to 3L Real Estate’s CEO Joseph Slezak, when the $10 million renovation of the building is complete, 57 East 21st street will provide 110 studio, one- and two-bedroom rental apartments with parking and immediate access to the amenities, shops and restaurants that make the South Loop so attractive.

“In Chicago and the South Loop, many developers and investors are coming in and pursuing the new construction of luxury apartments to accommodate growing demand,” said Slezak.  “Our developments provide an affordable rental alternative for those seeking quality housing in city-center locations without the high price tag.”

Slezak explains that by focusing on the adaptive reuse of centrally located structures, 3L is able to offer rental rates below the surrounding market with rents at the converted Yellow Cab building expected to start at $1095.

Less than two blocks away from the recently renovated Cermak-McCormick Place Green Line station, a ten minute commute from the central business district and with proximity to many colleges and universities, Slezak says that the residential transformation will provide quality living spaces to Chicago’s growing young adult workforce who desire easy access to downtown, the lakeshore and the diverse amenities the South Loop has to offer.

“We believe it should be possible for students, recent graduates and a young growing workforce to live in popular urban neighborhoods like the South Loop, in well-appointed living spaces that allow them to enjoy all that the neighborhood and the surrounding city has to offer,” said Slezak.

Earlier this year, 3L Real Estate closed on its first deal with the University of Chicago in Hyde Park. The deal included three iconic residential properties that served as dormitories for the University of Chicago campus. The three-building collection, Hyde Park Places, will remain open as dormitory rentals with flexible leasing options for the 2016 - 2017 academic year, with initial upgrades already under way. A broader multi-year transformation will allow for a comprehensive renewal process that will provide continued tenancy during redevelopment.

3L Real Estate, founded by Slezak in 2015, is a newly established Chicago based company, that prioritizes the adaptive reuse of underutilized structures that possess untapped potential in the market. Guided by Slezak’s proven acquisition and adaptive reuse strategy, 3L is making city living affordable for those who pass on size and ownership in favor of centrally located and high quality rental spaces. With an established presence in the South Loop and Hyde Park, 3L Real Estate promises to secure additional pipeline projects in the coming year.


Former Yellow Cab Building at 57 East 21st Street, Chicago


3L Real Estate - The Fundamentals of Real Estate Renewed