The Chicago City Council has approved financing for a mixed-use development at 1134 S Wood Street in the Illinois Medical District. Located on the northwest corner of W Roosevelt Road and S Wood Street, the project will replace an existing parking lot belonging to The Chicago Lighthouse who will operate the new facility. Chicago Lighthouse is partnering with Brinshore Development on the Landon Bone Baker Architects-designed structure which we last reported in late 2021.
Chicago Lighthouse focuses on serving the blind, visually impaired, disabled, and veteran communities across Chicago since 1906, and has become the largest employer in the city of those with visual disabilities. The existing center which opened in 1955 serves over 67,000 people annually and will have an increased capacity and on-site housing with the new nine-story project.
Rising 98 feet tall, the new structure will deliver 76 affordable residential apartments including 18 studios, 40 one-bedrooms, and 18 two-bedroom units available to those making 30, 60, and 80 percent of the Area Median Income. Forty units will include features for residents who are visually impaired, 10 will be marketed towards veterans, 19 units will be supported by the Chicago Housing Authority, and all will be aimed at the communities served by Chicago Lighthouse.
The ground floor will contain a 1,500-square-foot retail space, lobby, gym, and entry to parking garage on the second and third floor that will contain 38 vehicle parking spaces, an additional 20 will be provided as well. The structure will be clad in red brick with decorative patterns, different colored metal panels, and a decorative perforated metal screen covering the parking garage, residents will also have access to an outdoor deck above the garage floors.
The financing package approved by the City Council roughly includes a $10.4 million loan through CBIC Bank, $24 million from Low-Income Housing Tax Credits, $6.4 million from Multi-Family Program Funds, $2.1 million from Illinois Affordable Housing Tax Credit, and $3 million in loans among others which are subject to change. At the moment no formal timeline has been established however construction permits have been filed with the developer hoping to break ground this year.