City Council approves land sale for 5050 S. Prairie

The Chicago City Council has approved the sale of city-owned land for 5050 S. Prairie. Located at the intersection of S. Prairie Ave and E. 51st St, the project is made up of multiple lots, including both privately-owned and city-owned. Developed by KLY Development, the city-owned lots are located at 5036-5044 S. Prairie.

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 unit 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 29 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. The city is selling the lots to the developer for a total of $300,000.

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. City Council granted a rezoning of the site back in July 2022, so the project is fully approved and funded. A timeline for construction is currently unknown.