Funding stack approved for Lakeview Landing at 835 W. Addison

The proposed funding stack has been approved by City Council for Lakeview Landing, a mixed-use development at 835 W. Addison. Located at the intersection of W. Addison St and N. Reta Ave, the project will replace the existing Lakeview Lutheran Church. The church is collaborating with Evantson-based Over the Rainbow Association to execute the project.

Designed by Weese Langley Weese, the six-story development will include 37 residential units and ground-floor religious assembly space. Rising 69 feet high, the dwellings inside will be disability-accessible affordable rental units. All of the units are 575-square-foot, fully accessible one-bedrooms for residents with income at or below 30% AMI and accessibility needs. The second floor will include a shared laundry room and offices. 

The project will provide 12 parking spaces, with ten of them located in an interior garage and two outside along the alley with a loading berth. Landscaping will surround the building, with the site design including a pedestrian walkway along the south side of the building.

The development will allow mobility-impaired adults to direct their own care and live independently in a residential community, as opposed to an institutional setting. Any personal care they may need will be self-directed, but with the assistance from a well-staffed resident service program that provides many quality of life and concierge services. The building will model an independent apartment building but be customized to be universally designed and barrier-free, far exceeding current ADA standards. Specific features will include roll-in showers, pull-under sinks, accessible appliances, lower switches/outlets, windows and door handles. The building will also incorporate a variety of common space and market rate amenities.

The approximately $52 million development will be funded with $5.8 million in Multi-Family Program Funds, $19 million in IHDA multifamily housing revenue bonds, $1 million from an IHDA senior loan, a $13 million loan from BMO Bank, $7.2 million from the IHDA Trust Fund, $5 million in a seller loan, $11 million in LIHTC equity, and $600,000 from OTR.

With permits issued for the construction, the development is set to break ground in the New Year. Powers & Sons Construction will be serving as the general contractor.