City Council approves funding for 3831 W. Chicago

The Chicago City Council has approved funding for a mixed-use development at 3831 W. Chicago. Planned by 548 Capital, the project will occupy a block-long site between N. Avers Ave and N. Springfield Ave. The center portion of the property is currently under the ownership of the developer, while the city is selling the lots at each intersection that they currently own. Two city-owned lots along N. Springfield Ave will also be sold and incorporated.

Designed by Lamar Johnson Collaborative, the mixed-use project will rise four floors, holding 60 apartments, with approximately 7,700 square feet of retail space planned for a grocery store and cafe on the ground floor. Located on the top three floors, the units will be split into 19 studios, 21 one-beds, 15 two-beds, and 5 three-beds. With the building planned as a mixed-income project, 6 apartments will be priced at 30% AMI, 42 at 60% AMI, and 12 rented at market-rate.

With community programming on the western end of the ground floor, the space will look out into a covered plaza that sits underneath the building’s overhang. The U-shaped building allows for a parking lot along the alley with access to the grocery store and both residential lobbies. The facade has been designed with a framed grid of window units distinguished with varying patterns of angled frames. Varying modules protrude and are expressed with colored metal accents.  

The approximately $43.8 million development will be funded with $14 million in LIHTC tax credit equity, $385,000 in ComEd grants, $100,000 from a Community Trust grant, $2.3 million from a ARC Donation grant, $7.3 million in Multi-Program Loan Funds, $1 million Illinois Donation Tax Credit equity, $18.1 million in TIF funding, and $500,000 in deferred developer fees. The city will sell the four city-owned lots appraised at $262,000 for just $4 ($1 per lot).

With City Council approval of the project’s funding and land sale, the development is fully entitled and can move forward with permitting and construction. A timeline for construction is currently unknown.