Encuentro Square celebrates groundbreaking

Development partners and elected officials gathered yesterday to celebrate the groundbreaking of Encuentro Square, a two-building, multifamily development in Logan Square at 3759 W. Cortland St. and 1844 N. Ridgeway Ave., at the western edge of the 606 Trail. Developed by Latin United Community Housing Association (LUCHA) and Evergreen Real Estate Group, the property was the site of the former Magid Glove factory.

“Gentrification pressure in the Logan Square community has resulted in a significant reduction in naturally occurring affordable housing stock for the area, leading to changes in demographics that have accelerated over the past decade with the development of the 606 Trail,” said DOH Acting Commissioner Jim R. Horan. “Encuentro Square puts a stake in the ground in a highly visible location that confirms the City’s commitment to these 89 households being able to call Logan Square home.”

Designed by Canopy / architecture + design, the development will provide 89 affordable units at or below 60% of AMI. Encuentro Square’s amenities will include a community services lobby and community room, a teaching kitchen, on-site management offices, bike storage, a children’s room, and lounge and courtyard. Community support services will also be available to tenants, including home-based head start in partnership with the Children’s Place Association, as well as financial training and counseling. 70 of the 89 total units are family-sized units (two-bedrooms or larger). Fifty-five units will benefit from long-term project-based rental assistance administered by the CHA, of which 44 are family-sized units.

“CHA is proud to be a key partner in Encuentro Square, a project that demonstrates what can be accomplished when stakeholders from the public and private sectors join together to ensure affordable housing in rapidly gentrifying communities like Logan Square. Thanks to CHA’s funding support, 55 of the 89 families in these new buildings will have the security of long-term housing stability. With this rental assistance, families who live in Logan Square – and who love Logan Square – can remain in this community for years to come,” said CHA CEO Tracey Scott.

Encuentro Square is being funded with approximately $32,300,000 in equity generated by City- sourced Low-Income Housing Tax Credits, $1,666,400 in funds generated by state tax credits from the City’s donation of the project property, $9,000,000 in City-sourced TIF funds, $14,827,230 in City-sourced loan funds, and private mortgage debt of $6,780,000, among other sources.

"Encuentro Square is the culmination of many years of planning and hard work by dozens of public and private entities. Evergreen is proud to make this community vision a reality and provide critical affordable housing for families living near the western terminus of the 606 Trail," said David Block, Director of Development at Evergreen Real Estate Group.

"LUCHA is incredibly proud to continue to build on our more than 40-year history of providing affordable housing to our community. We look forward to adding these units to the stock of permanently affordable housing, turning a vacant lot not just into housing, but into homes,” said Lissette Castaneda, Executive Director at LUCHA.

In relation to but funded and implemented separately from the Encuentro Square development, the Chicago Park District will take ownership of a portion of the site that is to be redeveloped for use as a public park that will connect with the 606 Trail.

With Leopardo Companies serving as the general contractor, construction has begun on the taller structure at 1844 N. Ridgeway, with permits issued for the second building at 3759 W. Cortland as well.