The City of Chicago has recently approved a mixed-use development at 3831 W Chicago Avenue in Humboldt Park. The U-shaped structure will include the following:
- Two residential lobbies on both ends of ground floor
- Community rooms
- Fitness rooms
- Bicycle parking rooms
- 7,700 square feet of commercial space
- Upper three floors will hold 60 residential units
- 19 studio apartments
- 21 one-bedrooms
- 15 two-bedrooms
- 5 three-bedrooms
- Multiple outdoor terraces
- 21 vehicle residential parking lot
The upcoming project, designed by Lamar Johnson Collaborative and developed by 548 Capital, will replace a combination of empty lots and one-story commercial structures owned by the city and the developer. The development, which was originally proposed over a year ago, will redevelop the L-shaped lot on the corner with N Springfield Avenue with a community-driven design and outdoor spaces.
The development will be mostly funded via TIF funds, LIHTC tax credits, and other smaller loans and grants. The budget has been increased to $44 million, and a majority of the units will be considered affordable, with six apartments set aside for those making 30 percent AMI, 42 for those making 60 percent AMI, and 12 units available at market rate.
The massing will be broken up by stepping voids in the center, creating a green space on each one. There will also be a small plaza on the western end of the site, and a 24-vehicle flexible parking lot to be used for outdoor events.
The building will have a gridded facade created by angled inset precast concrete boxes that occasionally step out to create a dynamic look, tied together by ironspot gray brick and a curtain wall along the base retail.
On the western end of the ground floor, the space will include community programming that will look out into a covered plaza that sits underneath the building’s overhang. The U-shaped building allows for a parking lot along the alley with access to the grocery store and both residential lobbies.
Chicago Yimby reports that the approximately $43.8 million development will be funded with $14 million in LIHTC tax credit equity, $385,000 in ComEd grants, $100,000 from a Community Trust grant, $2.3 million from an ARC Donation grant, $7.3 million in Multi-Program Loan Funds, $1 million Illinois Donation Tax Credit equity, $18.1 million in TIF funding, and $500,000 in deferred developer fees. The city will sell the four city-owned lots appraised at $262,000 for just $4 ($1 per lot).
With City Council approval of the project’s funding and land sale, the development is fully entitled and can move forward with permitting and construction. However, at the moment, no construction timeline has been announced.
DataBid is currently reporting on this project - 3831 W. Chicago Avenue Mixed Use Development West Humboldt Park - Chicago (0037060122)
