Two developers got good news this week when Chicago’s Community Development Commission approved the sale of city-owned land in Lincoln Square to make way for a mixed-use building.
The land at 4715 North Western Avenue will become the property of two developers — The Community Builders Inc. and The Boar Company, Urbanize Chicago reported. An $8 million in tax increment financing was also granted for the project.
Originally proposed in 2019, the project secured low income housing tax credit financing in 2021. Initial plans called for a five-story building with 5,000 square feet of retail, 51 affordable housing units, 41 public parking spaces and 9 private parking spaces. The project hit a snag, however, when the city told developers there was too much parking and that it needed to be accessed from an alley instead of North Western Avenue.
The new plan calls for a six-story building with 65 new affordable units, 5,000 square feet of ground floor commercial space and an outdoor public space. There will be a second-floor parking deck with 36 spaces — 18 for public use and 18 reserved for residents. The building will have a green roof and rooftop deck for residents.
Despite initial traffic concerns, the parking entrance will remain on North Western Avenue, as many local businesses said the alley entrance would cause more logistical headaches.
The city-owned parcels, which have been appraised at $4.925 million, will be sold to the developers for $6 — or $1 per parcel. The $35.7 million project will be funded by a $3.5 million mortgage, $8 million in TIF, $8 million in a DOH loan, $1.5 million in state tax credit donations and $14.5 million in low income housing tax credits.
The funding funding plan is now headed to City Hall for approval. The zoning application will also begin seeking approvals from the Chicago Plan Commission, Committee on Zoning and the City Council.
Construction is set to begin as early as Spring 2023.
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