The Community Development Commission has approved the sale of land for Thrive Englewood, an affordable mixed-use development at 914 W. 63rd. Currently vacant, the irregularly shaped site is located on the corner of W. 63rd St and W. 63rd Pkwy, just west of Englewood Square Mall. Planned by DL3 Realty, the project is also south of the upcoming Englewood Connect Invest South/West project.
Prosper EnglewoodPerkins and Will
With a design by Perkins & Will, the project is divided into two phases. Phase 1 will consist of a six-storey mixed-use building. Rising to 74 feet, the structure will offer 61 residential units with 2,400 square feet of ground floor retail. Two living/working units will complete the W. 63rd St frontage, with the residential lobby located along W. 63rd Pkwy. The unit mix for this phase will include 11 units at 50% AMI, 40-60% AMI and 10 apartments at market price.
Connected to Phase 1 via a shared lobby, Phase 2 will face W. 63rd Pkwy. Towering 65 feet, the five-story building will house 47 affordable units along with three living/working units, a fitness center, community room, and bike storage on the ground floor.
Prosper EnglewoodPerkins and Will
The site plan includes surface parking behind the buildings for 58 cars, while a small set of 7 parking spaces will support accessible retail just off the street along the east end of the space sale to detail. A landscaped area including a play structure and a plaza will be located behind the Phase 2 building.
As part of the CDC’s approval, the city will sell vacant land at 6231 S. Sangamon and 914 W. 63rd to developers and negotiate a redevelopment agreement for the project. Costing $32.6 million for the first phase, the project received assistance from the city in the form of $5 million in TIF and $13.95 million in LIHTC tax credit. The additional funding will include $2.3 million in a BMO Harris Bank mortgage, $10.5 million in multi-family loan funds, $240,000 in grants from the Neighborhood Opportunity Fund and other grants and equity.
The development team is seeking final approval for the sale of the land in September and seeing approval of the project’s financial package and rezoning application in October. Financial close is scheduled for December 2022, with Bowa Construction expected to begin work by the end of the year. Completion of the Phase 1 building is scheduled for the second quarter of 2024.
Prosper EnglewoodPerkins and Will