Funding has taken another step forward for the mixed-income development at 547 W Oak Street in the Near North Side. Sitting on the corner with N Larrabee Street, the new structure would replace a vacant lot owned by the Chicago Housing Authority within the former site of Cabrini-Green.
547 W Oak Street via Google Maps
Plans for the project date back to 2015, with the current proposal gaining city approval back in 2021. Since then, we covered when the project received initial approval of $14 million in TIF funds from the Community Development Commission mid-2024, this same TIF package has now been approved by the Committee on Finance this week.
Area Plan For 547 W Oak Street Courtesy of Pappageorge Haymes Architecture
Site Plan For 547 W Oak Street Courtesy of Pappageorge Haymes Architecture
Similar to the project we covered yesterday in Grand Boulevard, 547 W Oak Street is also being led by Brinshore Development & The Michaels Organization. That team has partnered up with architecture firm Pappageorge Haymes Partners to work on the design of the seven story and roughly 80-foot tall building.
Rendering of 547 W Oak Street by Pappageorge Haymes Partners
A small one-story podium will occupy the full footprint of the site and contain the main entrance, a community room, and a 39-vehicle parking garage in the rear. The upper floors will hold 78 residential units of which 54 will be considered affordable for those making 30 to 80-percent AMI, and 24 being market rate.
Elevation For 547 W Oak Street Courtesy of Pappageorge Haymes Architecture
The building itself will be clad in precast concrete accented by dark metal panels and stone, capped by an ornamental parapet. It will also come with a $52.9 million price tag, a slight drop from the previous $54 million budget. This will be funded by the aforementioned approved TIF that will now need City Council approval, as well as Bridge Loans.
A timeline is currently unknown, however, the team previously selected joint venture WARI-JLL to serve as the contractor and expected an October 2024 commencement with a summer 2026 completion.
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15 years to put a 7 story apartment building with affordable units on an empty lot. At least it looks nice in the renderings. Hope it gets built…..
Defund the CHA
There are much more efficient ways to build housing, but of course we wouldn’t want that. That doesn’t help our friends and cronies get free public money
WARNING ⚠️ little red hat alert!!
That is $628K per residential unit. Unbelievable. And, the land was free?
Yeah, I am guessing the counters will not be Carrara marble.
$52.9 MILLION for 78 units?!? Plans approved in 2015 and again in 2021. That’s insane. They better have the best quartzite, Wolf and Toto washlets in every unit.