The Community Development Commission has initially approved funding for the mixed-use development at 4715 N Western Avenue in Lincoln Square. Located on the intersection with W Leland Avenue, just south of W Lawrence Avenue, the lots currently serve as a city-owned surface parking lot whose sale is also included in the package. Developer The Community Builders, who operate other residential properties in the city, has partnered up with local architecture firm DesignBridge on the design of the new building across the street from the soon-to-be renovated DANK Haus.
Originally proposed last year as a five-story, 65-foot-tall building, the plans have now been updated with an added floor and change in spaces. The six-story structure’s first floor will contain a 4,995-square-foot retail space on Western with a small plaza on the corner as well as six parking spaces off of the alley. There will also be a residential lobby and a ramp up to the parking garage floor above with an additional 30 parking spaces, for a new total of 36 compared to the 50 originally proposed. This came after a comment from the city due to its proximity to the Brown Line at Western station, the spaces will be evenly split between private and public.
Above that will be 65 residential units, an increase from the originally proposed 51, and consist of studios averaging 450 square feet, one-bedrooms averaging around 600 square feet, and two-bedrooms averaging around 1,050 square feet. All of the residences would be considered affordable which will allow for the type of funds it will be receiving, future residents will also have access to a few amenities like a rooftop deck and small communal space. Green roofs will round out the rest of the predominantly brick-clad structure featuring black window frames and slat pattern cover for the parking garage.
The six parcels making up the site will be sold to the developers for a dollar each, the $150+ million project will also receive $35.7 million in funds from various sources. These will be partially made up of $14.5 million in LIHTC dollars for a nine percent equity, $8 million in Tax-Increment Financing, $8 million from a Department of Housing loan, $3.5 million mortgage, and $1.5 million in Illinois Donation Tax Credit Equity according to Urbanize. The funding package will still require City Council due its amount.
Future residents of the Transit Oriented Development (TOD) will have direct access to the aforementioned CTA Brown Line Western station, along with bus service for CTA Routes 11, 49 and 49B as well as a short three-minute walk to Route 81. The project will also require its own approvals from zoning to City Council, and while no construction timeline has been announced, a groundbreaking can be expected before summer 2023.