Land sale approved for Thrive Englewood

The Community Development Commission has approved the sale of land 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.

As part of the approval by the CDC, the city will sell the vacant land at 6231 S. Sangamon and 914 W. 63rd to the developers and negotiate a redevelopment agreement for the project. With a $32.6 million cost for the first phase, the project has received city aid in the form of $5 million in TIF and $13.95 million in LIHTC tax credit equity. Further financing will include $2.3 million in a mortgage from BMO Harris Bank, $10.5 million in Multi-Family Loan Funds, $240,000 in Neighborhood Opportunity Fund awards, and other assorted grants and equity. 

The development team looks to get final land sale approval in September and see passage of the project’s financial package and rezoning application in October. The financial closing is targeted for December 2022, with Bowa Construction scheduled to begin work by the end of the year. Completion of the Phase 1 building is scheduled for Q2 2024.