In Albany Park, a plan to replace a longtime vacant lot with a 50-unit affordable housing development is closer to becoming a reality on the heels of two key city approvals.

At February’s Zoning Board of Appeals meeting, the property at 3557 W. Lawrence Avenue received a variance for the proposed six-story building. And last week, the project got another boost when the city’s Community Development Commission voted to set aside $2.5 million in tax increment financing (TIF).

Developed by Celadon Holdings, the roughly $16 million project—known as the Metropolitan Apartments—will create 42 new affordable rental units targeting families at 15 percent, 30 percent, and 60 percent of the Area Median Income (AMI). Eight apartments will be designed as “workforce” housing targeting families at 80 percent AMI.

The new structure, designed by Chicago-based UrbanWorks, will rise to a height of 73 feet and offer exterior space for local artists to paint murals, according to Block Club Chicago. The transit-oriented project will take advantage of the site’s proximity to the CTA Brown Line and provide on-site parking for 13 cars and 50 bicycles.

The plan also calls for the building’s first-floor retail space will be occupied by the nonprofit organization Concordia Place, which will provide free or low-cost childcare for residents.

The TIF funding will still need to go before the Chicago City Council for final approval, and the developers must secure building permits before construction can begin.