Funding Approved For Next Phase Of Parkside at 520 W Hobbie Street in Near North Side

Full funding has been secured for the residential development known as Parkside Phase III, located at 520 W Hobbie Street in the Near North Side. Spanning nearly a full city block, bounded by N Cambridge Avenue to the west and N Cleveland Avenue to the east, the affordable housing project is being led by Holsten Real Estate in partnership with the Chicago Housing Authority.

Site rendering of Parkside Phase III by LBBA

This third phase joins the rest of Parkside of Old Town to the north, as the city continues its gradual redevelopment of the former Cabrini-Green site. With a total cost of approximately $67 million, the development team has officially secured $22.6 million in federal and state tax credits, as well as a $23 million loan to fully fund the project, according to Crain’s.

Rendering of 520 W Hobbie Street by LBBA

Phase III is being designed by local architecture firm Landon Bone Baker Architects (LBBA). The project will wrap around a central 65-space parking lot accessed from a new drive on the northern end of the site. Surrounding this will be five new structures, with the complex anchored by an eight-story, 105-foot-tall mid-rise on the southern end. This building will contain 69 units.

Floor plans of 520 West Hobbie Street by LBBA

Flanking the east and west sides of the lot will be a set of mirrored walk-up buildings designed to house larger units. In total, the development will feature 99 residences across all buildings, comprising of studios, one-bedroom, two-bedroom, three-bedroom, and four-bedroom layouts ranging in size from 530 to 1,630 square feet.

Rendering of 520 W Hobbie Street by LBBA

Of the total units, 37 will be designated for CHA placement, 34 will be market-rate, and 28 will be considered affordable. Residents will have access to several amenities, including a fitness room, community room, and a shared laundry facility in the mid-rise building. All structures will be clad in a mix of precast panels with multi-colored accents.

Elevation of 520 W Hobbie Street by Landon Bone Baker

With all funding now secured, the development team can move forward with construction once permits are obtained. Based on prior coverage, the construction timeline is expected to span approximately 18 to 24 months once ground is broken.

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