Chicago’s Community Development Commission is making way for a mixed-use project in Humboldt Park.
A.J. Patton’s 548 Capital secured approval of $18.7 million in TIF financing, Urbanize Chicago reported. The commission also approved selling the city-owned land at 3831 West Chicago Avenue for the project.
Lamar Johnson Collaborative is designing the four-story, mixed-use development that will include 60 apartments and more than 7,000 square feet of retail. The residential units on the top three floors of the building will be divided into 19 studio units, 21 one-bedrooms, 15 two-bedrooms and five three-bedrooms.
Since the project is a mixed-income development, six of the apartments will be priced at 30 percent of the local AMI and 42 will be 60 percent. The remaining 12 units will be market-rate.
The project will consist of a U-shaped building that will allow for a parking lot along the alley for residents. The development will span the full block of West Chicago Avenue between North Avers and North Springfield avenues.
Developer 548 Capital already owns the portion of land at the center of the development site, while the city retains ownership of the corner portions of the site.
In addition to the TIF funding, the $40.8 million development will be financed through a $4 million private mortgage, a $625,000 deferred developer fee, a $385,000 ComEd grant, $1.5 million in LIHTC equity, a $4.7 million ARO contribution and $2.3 million in Donation Tax Credit equity.
The project will need to go before the Chicago Plan Commission to rezone the site. The city council also still needs to approve the use of the TIF funds and the sale of the city-owned land for the project.
Read more
Residential
Chicago
Humboldt Park Health plans 300 affordable housing units near new wellness center
— Victoria Pruitt