City Council approves funding stack for Thrive Englewood

The City Council has approved a redevelopment agreement for Thrive Englewood, a mixed-use affordable development at 914 W. 63rd. Currently vacant, the irregularly shaped site is located at the corner of W. 63rd St and W. 63rd Pkwy, just west of the Englewood Square Mall. Planned by DL3 Realty, the project is also south of the upcoming Englewood Connect Invest South/West project.

With a design from Perkins & Will, the project is broken down into two phases. Phase 1 will consist of a six-story mixed-use building. Rising 74 feet, the structure will deliver 61 residential units with 2,400 square feet of ground floor retail. Two live/work units will round out the W. 63rd St frontage, with the residential lobby located along W. 63rd Pkwy. The unit mix for this phase will include 11 units at 50% AMI, 40 at 60% AMI, and 10 market-rate apartments. 

Connected to Phase 1 via a shared lobby, Phase 2 will front W. 63rd Pkwy. Topping out at 65 feet, the five-story building will hold 47 affordable units as well as three live/work units, a fitness center, community room, and bike room all on the ground floor. 

The site plan includes a surface parking lot behind the buildings for 58 cars, while a small set of 7 parking spaces will support the retail accessed just off of the street along the east end of the retail space. A landscaped space including a play structure and plaza will be located behind the Phase 2 building.

With City Council approving of the financing and redevelopment agreement, the $32.6 million first phase will receive $5 million in TIF, $13.95 million in LIHTC tax credit equity, and $10.5 million in Multi-Family Loan Funds from the city. Further financing will include $2.3 million in a mortgage from BMO Harris Bank and other assorted grants and equity. 

The City Council already approved the project’s rezoning and Planned Development application back in October. With all city approvals secured, the development team can look towards filing permits and beginning construction. With Bowa Construction on board as the general contractor, work is expected to begin before the end of the year with completion of Phase 1 scheduled for Q2 2024.