The Chicago City Council has approved the funding for 4715 N. Western via a redevelopment agreement with its developers. Located at the intersection of W. Leland Ave and N. Western Ave, the site is currently a city-owned public parking lot on the northeastern corner of the intersection. The Community Builders is the developer behind the concept, with The Boar Company as a new co-developer.
With DesignBridge on tap as the architect, the compromise plan will produce a six-story building that will deliver a total of 63 new affordable homes, 4,995 square feet of ground floor commercial space, expanded outdoor public space, and a second-floor parking deck that will include 36 parking spaces. Down from an original 50 spaces, the 36 will be split into 18 for the public and 18 for private residents. The building will be topped by a green roof and rooftop deck for residents.
The parking entrance will be retained along N. Western Ave based on feedback from local business owners and residents that a potential entrance in the alley would pose multiple logistical and safety issues.
With approval from the City Council, the six city-owned parcels, appraised at a value of $4.925 million, will be sold to the developers at a total of $6, charging $1 per parcel. The development will be funded with up to $12 million in TIF funding, $12 million in city multi-family program funds, $15.9 in lender financing, $14.5 million in LIHTC funding, $2.1 million in donation tax credits, $140,000 from a ComEd grant, and $2 million from a new hope construction bridge loan.
Originally proposed back in 2019, the project was awarded LIHTC financing in late 2021. The development scheme at that time called for a five-story building that would hold 5,000 square feet of retail space, 51 affordable apartments, 41 public parking spaces, and 9 private parking spaces for residents. During the city’s further review after conditionally awarding the LIHTC financing, the development was thrown into question after the city demanded less parking in the building and that the parking access be moved from N. Western Ave to the alley.
With the Chicago City Council approving the development’s funding plan, the project is fully entitled and can move forward with permitting and construction. Construction was previously set to begin as soon as Spring 2023, but that will be pushed back as permits have yet to be issued.