A joint venture of developers is planning to build a mixed-use complex that will include 164 residential units spread across six buildings in the South Side neighborhood of Bronzeville.
Brinshore Development of Northbrook and the Michaels Development Company want to build the complex at the corner of 44th Street and Cottage Grove Avenue.
The first phase of the project, dubbed 4400 Grove, was considered at a community meeting led by Alderman Sophia King, the Chicago Sun-Times reported.
The first part of the complex will include a pair of four-story buildings, each with 42 residential units. The partner developers are financing the first phase of construction in part with $17.3 million in municipal and state funding.
The new construction will surround a public plaza and park space. About 25 percent of the units will be leased as affordable housing, more than twice the number required in city-funded housing developments. The whole project will include six buildings and 15,000 square feet of retail space.
The developers expect to begin construction in the fall on Phase 1 and start leasing the apartments in early 2020.
Brinshore’s portfolio includes more than 5,500 residential units, valued at more than $1 billion, according to its website. Michaels, an affordable housing developer, is under the umbrella of the Michael’s Organization, and has constructed residential buildings in Delaware and New Jersey. [Chicago Sun-Times] — Alex Nitkin