Two developers received good news this week when the Chicago 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. Tax funding of $8 million has also been granted for the project.
Originally proposed in 2019, the project secured low-income housing tax credit funding in 2021. Initial plans called for a five-story building with 5,000 square feet of retail, 51 affordable housing, 41 public parking spaces and 9 private parking spaces. However, the project hit a snag when the city told developers there were too many parking spaces and had 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 retail space on the ground floor, and outdoor public space. There will be parking on the second floor with 36 spaces – 18 for public use and 18 reserved for residents. The building will have a green roof and a roof terrace for residents.
Despite initial traffic issues, the entrance to the parking lot will remain on North Western Avenue, as many local businesses have said the driveway entrance will cause more logistical headaches.
The city-owned plots, which have been valued at $4.925 million, will be sold to developers for $6, or $1 per plot. The $35.7 million project will be funded by a $3.5 million mortgage, $8 million in TIF, $8 million in DOH loan, $1.5 million in tax credit donations and $14.5 million in low-income housing tax credits.
The financing plan is now sent to the town hall for approval. The zoning application will also begin seeking approvals from the Chicago Plan Commission, Zoning Committee and City Council.
Construction is expected to begin in the spring of 2023.