Partial Funding Approved For Parkside Phase 3 In Old Town

Rendering of 520 W Hobbie Street by Landon Bone Baker

The Community Development Commission has approved partial funding for the residential development at 520 W Hobbie Street in the Near North Side. The new structures at the nearly full-block project will expand the existing Parkside of Old Town complex. Developer Holsten Real Estate is working with the Chicago Housing Authority and Cabrini Green Community Development Corporation, tapping local firm Landon Bone Baker Architects for the design.

Site rendering of 520 W Hobbie Street by Landon Bone Baker

This next phase of mixed-income housing continues the city’s slow redevelopment of the former Cabrini Green complex, whose demolition was first announced in 1999 but completed in 2011. Replacing the space will be three structures arranged in a U-shaped around a central surface parking lot containing 65-vehicle parking spaces. A mid-rise will anchor the site’s southern end fronting Hobbie will rise eight stories and 105 feet in height, flanked by two mirrored three-story townhome low-rises.

Floor plans of 520 W Hobbie Street by Landon Bone Baker

Overall there will be 93 residential units made up of nine studios, 28 one-bedrooms, 27 two-bedrooms, 21 three-bedrooms, and eight four-bedroom layouts ranging from 530 to 1,630 square feet in size. Thirty-five of the residences will be for CHA placement, 34 will be market rate, and 30 will be affordable, with the mid-rise containing 69 of them including some ground-floor townhomes. Many of the units will be aimed at families, with the CHA placement apartments being part of the required but long drawn out replacement of Cabrini Green.

Rendering of 520 W Hobbie Street by Landon Bone Baker

The mid-rise will taper as it rises with multiple setbacks creating outdoor spaces for the residents, there will also be a community room for all to use along with a shared laundry room and fitness room. The exterior will be clad in precast concrete panels which have become a staple of most of Landon Bone Baker’s affordable projects, the mid-rise will have a gray base and white top with gray accent panels. The side townhomes will contrast with a light brown brick exterior with multi-colored accent panels.

Elevation of 520 W Hobbie Street by Landon Bone Baker

Having already gathered most of its approvals, the nearly $66 million project will now need to finalize securing its funding prior to construction. The recent approval grants the developer $16.4 million in TIF money which will join multiple other sources including $17 million in LIHTC equity, $11 million from a mortgage and more. However a groundbreaking is expected early next year with GMA Construction Group executing the work and aiming to be completed by the end of 2025.

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5 Comments on "Partial Funding Approved For Parkside Phase 3 In Old Town"

  1. Please stop building such car oriented developments when this should absolutely be in the TOD 1/2 mile radius from the brown line and major bus lines. Those could be green courtyards instead of greenhouse gas emitting parking lots.

  2. Also, stop putting neon colors on buildings in OLD TOWN. Are you kidding me? Also that white paneling has got to go. Brick or wood like siding

  3. Truth Be Told | July 12, 2023 at 12:51 pm | Reply

    Let’s stop building public housing. Period. It doesn’t work. Everybody agreed that Cabrini style housing was like drinking battery acid. Now, with the 3/3/3 mix of equal parts market/public/affordable it’s like battery acid…but diluted. But it’s still battery acid.

    • What do you suggest we do then to ensure housing affordability?

      • Truth Be Told | July 12, 2023 at 5:13 pm | Reply

        First, are you saying that public housing ensures affordability? If so, please present some facts.

        But to answer your question, how about allowing more housing to be built? Chicago isn’t Singapore or Hong Kong. Drive around. There are tons of places where housing could be built. What about carriage houses? What about allowing more density without making developers jump through hoops? As citizens, how about demanding political leadership to make these things happen?

        This is all to ignore the fact—of course—that there already is a lot of affordable housing in Chicago. Yeah, it’s in rough neighborhoods but that means we have a violence problem, not an affordability problem. Let’s solve the right problem. If you had a knee injury and your doctor wanted to do chemo you would think it’s crazy. Taking any resources from fighting violence and putting it toward affordability is the same brand of insanity.

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