Partial funding has been granted for the upcoming mixed-use development at 5050 S Prairie Avenue in Grand Boulevard. Located at the corner of E 51st Street, the proposal, dubbed 5050 Prairie, will replace a large vacant lot and a pair of existing commercial buildings. The funding comes from the city’s Community Development Grant.
Site reference map of 5050 Prairie by 1919 Architects
The project is being led by KLY Development, which has been working to get it off the ground for over four years. The last update came in 2023, when the city agreed to sell the developer the land for $1. The project had already received full zoning approval in 2022.
Site plan of 5050 Prairie by 1919 Architects
The four-story structure is being designed by Rockford-based 1919 Architects. It will rise along the streetfront and feature a 4,400-square-foot retail space on the corner, which is earmarked for a future restaurant. The rest of the ground floor will include a small community room, a fitness area, several residential units, and a 26-vehicle parking garage in the rear.
Floor plans of 5050 Prairie by 1919 Architects
In total, the building will contain 49 residential units, comprising three studios, 14 one-bedroom units, 31 two-bedroom units, and one three-bedroom unit. The project, now nearing $16 million in total cost, will receive $4.3 million from the grant, with the remainder covered by a $10 million HUD loan and additional equity from the developers. A construction timeline has not yet been announced.
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This will be a great addition. I hate thatbdevelopment in some communities take so long. The need for housing is great. Lets go!
It’s not even funny comparing this project’s cost to the winner chosen by BJ for the Roseland Michigan Ave RFQ.
$16 million vs. $48.3 million. (assuming an even breakdown to units, $330k vs. $830k) This is asinine!! We aren’t helping communities by spreading valuable assets this thin. Please get Chicago out of the developer role. Where’s this red tape that supposedly getting cut?
Does Chicago have way less permits going on? I’m just curious why there are only 2 articles a day now. I appreciate all of the time and effort to product any articles, but just curious.
Big news dropped today on the Twitter. I foresee some fun articles soon.
What news dropped on Twitter?
I believe one of YIMBY’s writers is on vacation.