The Chicago City Council has approved a mixed-use development at 5050 S. Prairie. Located at the intersection of S. Prairie Ave and E. 51st St, the project is made up of multiple lots. Split up into the privately-owned lots at the intersection and the city-owned lots at 5036-5044 S. Prairie Ave, the project will replace vacant land and a long-vacant building along the intersection. The development is being led by KLY Development.
With a design from 1919 Architects, the new project will see the construction of a new four-story mixed-use building. Holding 49 residential units, the project’s mix will consist of three studios, 14 one-beds, 31 two-beds, and one three-bedroom apartment. Along the ground floor, 4,400 square feet of retail space will occupy the corner, with seven of the residential units located to the north along S. Prairie Ave. Most units will come with outdoor balconies and 26 parking spaces will be provided along the alley.
To fund the $12 million project, the developers are contributing $1.6 million in equity and receiving a $10 million HUD loan. As approved by the Community Development Commission, the city-owned lots will be sold to the developer for $1. To meet ARO requirements of 5 units at 60% AMI, 2 units will be in the building, 1 unit will be at the developer’s property at 1337 S. Central Park Ave, and a fee in-lieu will be paid for the final two units.
With City Council approval of the site’s rezoning, the developers are now waiting for City Council to greenlight the land sale for the project. The Community Development Commission approved the sale back in June.