The Community Development Commission has approved the sale of city-owned land and $8 million in TIF for 4715 N. Western. 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 65 new affordable homes (up from 51), 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 Community Development Commission, 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 $35.7 million will be funded with a $3.5 million mortgage, $8 million in TIF, $8 million in a DOH loan, $1.5 million in IL Donation Tax Credit Equity, and $14.5 million in 9% LIHTC equity.
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 approval from the Community Development Commission, the funding plan will need to head to City Hall for final approval. The zoning application for the project will also begin with approvals needed from the Chicago Plan Commission, Committee on Zoning, and City Council. Construction could begin as soon as Spring 2023.