CDC approves $22 million in TIF funding for 5853 N. Broadway

The Community Development Commission has approved $22 million in TIF funding and a $1 land sale for the affordable residential development at 5853 N. Broadway. Set to replace a Streets and Sanitation depot, the new building will rise along Broadway just south of W. Thorndale Ave and Broadway Armory Park. Bickerdike Redevelopment Corporation is the developer behind the proposal.

With LBBA Architects behind the design, the new building will rise 11 floors with 90 units inside. The project’s unit mix will include 30 one-beds, 50 two-beds, and 10 three-beds. All of them will be affordable, with 85 of them for residents at 60% AMI and 5 of them for residents at 30% AMI.

The project’s ground floor will include the residential lobby along N. Broadway in addition to community space and management offices. The back of the ground floor will have 14 car parking spaces in addition to outdoor space for residents. Residents will also have access to a rooftop terrace on the fourth floor. 

Set to rise 128 feet tall, the building has been designed to front N. Broadway with a three-story volume that aligns with the neighboring buildings with the tower rising behind the front volume. Setback both from the street and from both the north and south lot lines, the tower massing shifts to provide visual interest. The facade is made up of metal paneling with colorful accent panels.

The $72.8 million development will be funded with $38.8 million in LIHTC equity, $3.3 million in debt, $22 million in TIF, $6.4 million in city loans and grants, $1.88 million in Donation Tax Credit equity, and additional tax credits totaling $365,000. The project site, which is city-owned land, will be sold for $1. 

With CDC approval secured, the proposed TIF and land sale will now need final approvals from the Chicago City Council. The team expects to close on the financial package in Q3/Q4 2025 and begin construction by the end of 2025. With Leopardo Construction and ALL Construction serving as general contractors, construction would then wrap up by mid-2027.