Draper and Kramer celebrates grand opening of 61 Banks Street in Chicago’s Gold Coast

Boutique building brings intimate rental experience to last undeveloped lakefront parcel in the Gold Coast


Draper and Kramer, Incorporated, last week celebrated the grand opening of 61 Banks Street, an eight-story, 58-unit boutique rental building at Banks Street and Lake Shore Drive, on the last developable lakefront parcel in Chicago’s premier Gold Coast neighborhood.

“It has been three decades since a new residential building opened along this prominent stretch of the Lake Michigan shoreline, so we are tremendously proud to be celebrating the completion of 61 Banks Street – a community that combines the elegance of a Gold Coast address with the flexibility of a rental lifestyle,” said Todd Bancroft, president and CEO of Draper and Kramer, the project’s developer. “Our team took tremendous care in creating a building appropriately scaled to this one-of-a-kind site, and from its elegant exterior and intimate environment to the quality and craftsmanship that went into each residence, 61 Banks Street fits perfectly into the fabric of the surrounding neighborhood.”

Among the guests at the grand opening event were representatives from project partners including architect Booth Hansen, interior architect Darcy Bonner & Associates, landscape architect Jacobs/Ryan and general contractor Leopardo Construction; board members from the Gold Coast Neighbors Association; and current and future residents. The building, which welcomed first move-ins in early May, is currently nearly 70 percent leased.

61 Banks Street includes a mix of two- and three-bedroom residences, with two-bedroom apartments averaging 1,630 square feet and three-bedroom plans averaging 2,340 square feet. The apartment homes are priced from $5,600 per month. Additionally, the building features seven two-story maisonettes lining its base along Lake Shore Drive and Banks Street. These rowhome-style residences, which offer two- and three-bedroom plans with direct street-level entrances, are priced from $7,800 per month.

“The incredible response we’ve already had from renters speaks not only to the appeal of a new-construction building in a neighborhood best-known for its vintage residences, but also the strong demand for rental apartments of this size and caliber,” said Bancroft. “In fact, our three-bedroom units and rowhome-style maisonettes have been the quickest to lease. All our apartments at 61 Banks Street are generously sized, making them a great option forrenters by choice, whether they’re searching for a city residence to accommodate a family, downsizing from a single-family home or simply looking for a gracious apartment near everything Chicago has to offer.”

During the grand opening, attendees had the opportunity to tour a decorated two-bedroom model apartment with furnishings by RH Modern, as well as additional apartments showcasing two- and three-bedroom floor plans and a maisonette residence. All homes at 61 Banks Street feature open layouts with modern gourmet kitchens, spa-style bathrooms, spacious in-unit laundry rooms, 10-foot ceilings and expanses of floor-to-ceiling windows. Each unit is appointed with high-end finishes including engineered wide-plank flooring, custom European cabinetry, premium quartz countertops and built-in Bosch and Jenn-Air stainless steel appliances.

The grand opening event also showcased the rooftop amenity space at 61 Banks Street, which includes a glass-enclosed club lounge with entertaining kitchen, library and fitness center. Additionally, a lushly landscaped rooftop terrace, where all residents can enjoy the building’s unmatched views of Lake Michigan, the city and the surrounding neighborhood, features multiple outdoor seating groupings, dining areas and grilling stations.

“The Lake Michigan views from 61 Banks Street and its roof deck are outstanding year-round, but now that we’re into summer, residents can experience everything that’s so special about living along the waterfront during these warm weather months,” noted Bancroft. “From watching boat activity and beachgoers and pedestrians along the Lakefront Trail, to having a front-row seat to events like the Chicago Air & Water Show or Navy Pier’s weekly fireworks display, there’s really nothing that can compare to this location.”

About Draper and Kramer, Incorporated:

Founded in 1893, Draper and Kramer, Incorporated, is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years to meet the needs of its clients and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S. including corporations; private and institutional owners and users of real estate; government agencies; condominium associations; and foundations. For more information, visit www.draperandkramer.com.