The Community Development Commission has approved the sale of land for 5050 S Prairie Avenue. The site is located at the corner of S Prairie Avenue and E 51st Street, and the project is made up of multiple lots, both privately-owned lots and city-owned along 5036-5044 S Prairie Avenue. Led by KLY Development, the development will replace vacant land as well as a vacant building along the intersection.
Designs hail from 1919 Architects and show that the new project will erect a new four-story mixed-use building with a total of 49 residential units. The project’s mix will consist of three studios, 14 one-bedrooms, 31 two-bedrooms, and one three-bedroom apartment. Many of the forthcoming units will have outdoor space in the form of balconies and there will also be 26 parking spaces provided along the alley. There will be 4,400 square feet of retail space on the ground floor.
Funding for the $12 million project involves $1.6 million in equity from the developers and a $10 million HUD loan. The city-owned lots will be sold to the developer for $1 as approved by the Community Development Commission.
In order to meet ARO requirements, two affordable units will be offered in the building, one unit will be at the developer’s property at 1337 S Central Park Avenue, and a fee-in-lieu will be paid for the final two units. The developers are planning to rezone the site to B2-3 zoning which will be heard by the Committee on Zoning next week.