More than 2,000 square feet of new housing are set to be renovated and expanded in the Lake Forest area, with a total of $2 million in funding.
The project is expected to begin construction in late 2018.
It will be located at the former Lake Forest apartment complex at 1721 N. Elgin Ave.
The building has been vacant since January, when the current owners purchased it from an LLC.
It was then used as a home by a family until last summer, when they sold it to the owner of a construction company.
That company, the Chicago-based Redline Group, is also behind the $5 million project at the Lakewood complex, which is located at 621 N., Chicago Ave.
Redline, along with Chicago-born architect Tom Cavanagh and Chicago-bred developer Jason Kowalchuk, are the developers behind the Lakeview Park project, which includes apartments for rent.
The $2.6 million project will include a new kitchen, bathroom and laundry area, plus the addition of a parking garage and a new gymnasium.
It is expected that the apartment will be available for lease beginning in late 2019.
The renovation and expansion of the two-story apartment building will be a project of the Lakefront Community Development Corporation, which operates the neighborhood development office and serves as a liaison between the community and the private sector.
The new apartment building is part of a multi-million-dollar project to revitalize the Lake Riverwalk and improve the neighborhood around it, according to a news release.
The redevelopment of the old Lake Forest Apartments is expected in the next three to five years, said Laura Schulman, a spokeswoman for Lakefront, which oversees the neighborhood.
The neighborhood is the site of a recent $5.5 million renovation of the former home of the Illinois Department of Transportation (IDOT), according to the news release announcing the project.
The project included the construction of a new entrance to the parking lot, new signage, landscaping and lighting, new curb markings, a new exterior fence and new stormwater retention system, among other improvements.
The news release noted that the project was part of an IDOT master plan that was completed in March.