Evergreen Real Estate Group will build a 48-unit apartment building in Irving Park, teaming up with the Chicago Housing Authority on the project.
The local developer and the city agency will build a five-story complex at 3435 West Montrose Avenue, according to city records. A construction permit was granted this week. Construction cost will be around $10 million.
Evergreen bought the vacant Montrose Avenue parcel in June for $1.65 million, according to records.
Of the 48 units, 29 of those will be set aside for the Housing Authority’s project-based voucher program. For the program, a developer enters into an agreement to set aside affordable housing units, rather than accept vouchers from renters.
The remaining 19 units will be offered at affordable rates to tenants earning 60 percent or less of the area’s median income, according to Curbed.
The project is also being considered a transit-oriented development, which allows developers to skirt parking space requirements if they are close enough to a train station. There will be 22 parking spaces on site, according to the Cook County Chronicle.
Evergreen has a number of other affordable housing developments in the works on the North Side.
The company is moving forward with plans for a 193-unit senior housing project in the old Ravenswood Hospital — a project that was in doubt until a new state law allowed supportive and independent living facilities to operate under the same roof.
In February, Evergreen broke ground on two North Side affordable housing projects, both of which will be built on top of Chicago Public Library facilities, which will also be rebuilt in the project.