Mayor Lori E. Lightfoot joined Alderwoman Jeanette Taylor, the Michaels Organization, and DL3 Realty to break ground on Park Station Lofts at 6311 S. Maryland. Located just a block from the Cottage Grove Green Line stop, the TOD project is being developed as a partnership between DL3 Realty and Michaels Organization.
"I am thrilled to break ground on our first affordable housing development being realized under the Woodlawn Housing Preservation Ordinance," said Mayor Lightfoot. "The Park Station Lofts will answer many housing needs of the Woodlawn community while also delivering retail space, new streetscaping, jobs, and more to this area. Importantly, this development will ensure that the long overdue influx of targeted investments in Woodlawn does not displace residents, allowing everyone to benefit from this community enhancement."
With a design from FitzGerald and Brook Architecture, the project will stand five floors, delivering a mixed-use building holding 58 residential units, with 41 designated as affordable housing for households earning between 30% and 60% of the Area Median Income (AMI). The 17 remaining apartments will be rented at market-rate. Park Station is the first development to meet the requirements of the Woodlawn Affordable Housing Preservation Ordinance which was passed by the City Council in 2020 to address the potential gentrification of the neighborhood due to the Obama Presidential Center.
On the ground floor, the building will host two live/work units along S. Maryland Ave, 3,500 square feet of retail space along E. 63rd St, and residential amenities. With a residential entry along S. Maryland Ave, tenants will have access to a community room, business center, fitness room with yoga space, and a bike room for 50 bikes. Car parking will be located in a surface lot behind the building for 40 cars.
The development is being funded with LIHTC equity in the amount of $19.4 million, $5 million in TIF funding, and City of Chicago HOME funds of $6.5 million. Additionally, ComEd is providing approximately $140,000 in funding through its Affordable Housing New Construction energy efficiency program. Equity and debt are provided to the project by tax credit syndicator Berkadia Affordable Housing Tax Credit Solutions with BMO Harris as the investor, construction lender, and permanent lender.
With ground broken and a full building permit in hand, the approximately $31 million project can now rise on the site. General contractor Ujamaa Construction is partnering with Brown & Momen to complete the project by November 2023.