Immaculata Living seeks crowdfunded investment

A mixed-use development dubbed Immaculata Living at 640 W. Irving Park is seeking investors to buy stakes in the development, and they can use cryptocurrency. Planned by KGiles LLC, the development was approved by City Council back in October 2022, but the historic Immaculata School building has been used as a temporary migrant shelter for over two years.

Designed by Level Architecture, the first phase of the project would convert the three attached buildings of the Immaculata School into 245 apartments, made up of studios, one-beds, and two-bed units.  

Common amenities will include the conversion of the existing 5,000 square foot gymnasium into a modern exercise facility which will include the retention of one of the existing basketball courts. The dramatic 1,000-seat auditorium will be partially retained, serving the tenants and the neighborhood on a limited basis, with most of the space retrofitted as a multi-purpose amenity space. The auditorium balcony will also be transformed with tiered workstations and a business center. Additional amenities include a 4th floor lounge and two fully programmed roof decks.

The second phase of the project, designed by Perkins Eastman, will introduce a new 22-story senior living tower, located on the parking lot behind the school. The building will contain 108 independent living units, 60 assisted living units, and 32 memory care units, tailored for aging in place with supportive amenities. Supportive services will be discreet, dignified, and designed to foster autonomy while providing peace of mind for families.

The building is designed in an L-shape based on the site and to preserve views. Rising 250 feet, the tower will be clad in a mix of glass and textured metal paneling with punched window openings. The podium will rise the first five floors encased in a bronze-colored metal panel with brick veneer on the ground floor. A forecourt off W. Bittersweet Pl will be the main access for vehicles with a parking garage for 98 cars included.

The first phase renovation is expected to take 18 months to complete while the phase 2 senior living tower is expected to take 24 months to build. With both phases running concurrently, the full development will be built out over a 36-month period with completion targeted for 2028. 

Before construction can begin, the developer needs to secure financing and is opening the project up to crowdfunding where investors can buy stakes in the development including with cryptocurrency, according to their website. Eventually, future tenants will also be able to pay rent with crypto.