Special to Chicago Construction News
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
- community rooms
- fitness rooms
- bicycle parking rooms
- 7,700 square feet of commercial space
- upper three floors will hold 60 residential units
- 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.
Originally proposed over a year ago, construction will redevelop the L-shaped lot on the corner with N Springfield Avenue with a community-driven design and outdoor spaces.
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.