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.
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.
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.
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.
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.