A long-planned mixed-use affordable housing development secured full City Council approval to move forward.
The Community Builders and The Boar Company got the green light for its plans to bring affordable housing to Lincoln Square, Urbanize Chicago reported. The development team first proposed the project back in 2019, but experienced a number of setbacks.
Back in September, the city approved the sale of the city-owned site at 4715 North Western Avenue, which is currently a surface parking lot, to the pair of developers for $6 — or $1 per parcel.
Previous plans called for a five-story building with 51 affordable apartments, 50 parking spaces and 5,000 square feet of retail space. Once the developers got Low Income Housing Tax Credit financing for the project at the end of 2021, Chicago housing officials demanded the design change to include less parking and move the parking entrance.
The recently approved plans now call for a six-story building with 63 affordable housing units, 4,995 square feet of ground-floor retail and a second-floor parking deck with 36 spaces. Residents will also have access to a green roof and a rooftop deck.
The 63 residential units will be divided into 25 studio units, 29 one-bedroom units and 9 two-bedroom units. They will be marketed to people who make 30, 60 and 80 percent of the area median income. Residents will have access to 18 of the 36 parking spaces as well as 66 bike parking spaces.
The $35.7 million project will be funded by a $3.5 million mortgage, $8 million in tax increment financing, $8 million in a DOH loan, $1.5 million in state tax credit donations and $14.5 million in low income housing tax credits.
With the City Council’s approval, the site has been rezoned from B3-2 to B3-3 with an overall Planned Development designation. The funding plan still needs to go through City Hall for final approval.
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