Tax Increment Financing and Land Sale Approved for 4531 W Washington in West Garfield Park

4531 W Washington Boulevard. Rendering by Triad Consortium LTC

A new affordable residential development at 4531 W Washington Boulevard in West Garfield Park is closer to construction with the approval of a land sale and $10 million in tax increment financing. The four-story project is a collaborative initiative between CARE Manor and National Equity Fund, aiming to redevelop seven plots. Of these, five are owned by the developer and two by the city. The city is expected to sell its two parcels for $2 in total.

4531 W Washington Boulevard. Elevations by Triad Consortium LTC

For this first stage of this broader development plan, Triad Consortium LTC has designed the building, which will be clad in a mix of tan, brown, and red brick. Its 44 affordable residences will offer floor plans between one and three bedrooms. Units will be available for various income levels, ranging from 15 percent of the area median income (AMI) to 60 percent.

4531 W Washington Boulevard via Google Maps

4531 W Washington Boulevard. Site plan by Triad Consortium LTC

Building features will come with a group activity room, a laundry facility, and office space for management. There will also be a 21-vehicle parking garage, alongside several public transit options. Bus routes 20, 54, and 392 are all within a 10-minute walk, while the closest CTA rail access is the Green Line’s Cicero Station, a 14-minute walk northwest.

As noted in a recent Urbanize article, the project’s $35.4 million budget comes from tax-exempt bonds, housing loans, TIF funds, tax credit equity, and a developer’s deferred fee.  GMA Construction Group will begin construction in April 2024, with completion expected by August 2025.

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