CDC approves $14.5 million in TIF for United Yards

The Community Development Commission has approved a land sale and $14.5 million in TIF for the United Yards Invest South/West development. Located at the southeast corner of W. 47th St and S. Justine St, the project site is known by both 1515 W. 47th and 4703 S. Justine. Developed by Celadon Partners and Blackwood Group, the project is part of multiple new and rehabilitated commercial and residential buildings planned near the 47th and Ashland intersection.

With DesignBridge serving as the architect, the mixed-use development will stand six stories tall, with 51 affordable residential units and ground-floor retail space. On the ground floor, the retail space will face W. 47th St, with the residential lobby along S. Justine St. 19 parking spaces will be provided at the back of the site and a bike room will be included inside. The affordable unit mix will consist of 30 one-beds, 11 two-bed, and 10 three-beds. An outdoor terrace and multipurpose room on the sixth floor will be provided as an amenity for residents.

The project recently received approval from the ZBA for two variances which allow for the rear setback to be reduced from the required 30 feet down to zero and for the size of the ground floor commercial space to be reduced from the required 2,974 square feet down to 2,667 square feet.

With approval from the Community Development Commission, the city will move forward with drafting a redevelopment agreement to fund the $41.1 million development in part with $14.5 million in TIF funding. The developers will receive a land write-down, acquiring the site from the city for just $1.

With the tentative approval from the CDC, the developers will need City Council to approve the final redevelopment agreement which will finalize the TIF funding and land sale process. Construction permits have been filed for the project and are awaiting issuance.