CPM Development is planning “upscale, chic” apartments to replace the Cheapo building at 1300 W. Lake St.
The developer said the six-story project would include two levels of underground parking, 133 apartment units, 20,000 square feet of street-level commercial space and 5,000 square feet of mezzanine-level office space.
CPM co-founder Dan Oberpriller said he thinks most developers in the city have taken a look at the property, and CPM has worked for more than four years to land it.
“It’s a very sought-after site,” he said. “We’re super excited about the project. It’s a marquee project.”
Oberpriller said the design will be distinct from other architecture in Uptown.
“We wanted to make sure the design was forward,” he said.
The top floor will feature two-level units that allow in additional light, he said.
The owner of Booksmart, located below Cheapo, said he would like to stay in the area, and he’s weighing his options.
Cheapo staff are in the process of looking for a new location.
“We’re hoping to stay very close,” said Kathy Fukui, office manager. “We’ve been anticipating that this would happen eventually. Everything has gone up around it. … It’s kind of like Tokyo, everything changes every five years in Uptown.”