The Community Development Commission has approved the sale of the land at 5050 S. Prairie. Located at the intersection of S. Prairie Ave and E. 51st St, the project is made up of several lots. Divided into private lots at the intersection and city-owned lots at 5036-5044 S. Prairie Ave, the project will replace vacant land and a long-vacant building along the intersection. The development is led by KLY Development.
With a design by 1919 Architects, the new project will see the construction of a new four-storey mixed-use building. Containing 49 residential units, the project mix will include three studios, 14 one-bed, 31 two-bed and one three-bedroom apartment. Along the ground floor, 4,400 square feet of retail space will occupy the corner, with seven of the residential units located to the north along S. Prairie Avenue. Most units will have exterior balconies and 26 parking spaces will be provided along the driveway.
To fund the $12 million project, the developers are contributing $1.6 million in equity and receiving a $10 million HUD loan. As approved by the Community Development Commission, city-owned lots will be sold to the developer for $1.
To meet the ARO requirements of 5 units at 60% AMI, 2 units will be in the building, 1 unit will be on the developer’s property at 1337 S. Central Park Ave, and replacement fees will be paid for the last two units. The developers are also looking to rezone the site to a B2-3 zoning which will be heard by the zoning committee next week.