Affordable housing project on Near North Side snags zoning change

A 78-unit affordable development on the Near North Side has secured a zoning change from the city zoning committee. The project still requires further approvals before developers can break ground.

Brinshore-Michaels Development LLC plans to build the complex at 547 W. Oak Street, according to Chicago YIMBY, which first reported on the approval.

The rezoning was needed to change the site from a limited manufacturing/business park district to a downtown residential district. The project received the support of the city’s Housing Authority.

The seven-story development will have at least half of the unit set aside as affordable. There will also be a single-story parking garage topped with 2,800 square feet of green space for residents.

There is no official timeline for final approval, but the zoning committee nod and support from the CHA will help the project when it is presented to the community.

The complex will rise near the massive Halstead Pointe development on Goose Island, which will bring 2,600 homes and 300 hotel rooms to the area. A 29-story mixed-use tower from Sterling Bay received approval this week from the Chicago Plan Commission. That project will include 282 units and will be the first residential development in the West Loop.

Read more

Chicago

Chicago’s multifamily investment sales market heats up

[Chicago YIMBY] — Victoria Pruitt