A new funding scheme has been announced for the upcoming redevelopment of the Immaculata High School campus at 640 West Irving Park Road in Uptown. Located at the corner of North Marine Drive, the project was first revealed over four years ago by developer KGiles LLC and approved by the city in late 2022.
Aerial View of 640 W Irving Park Road. Rendering by Perkins Eastman and Level Architecture
Since then, the historic campus has continued to serve as a home for the American Islamic College (AIC) as well as a temporary migrant shelter. Now, however, it appears that KGiles is ready to move forward with the development, which is being designed by Perkins Eastman and Level Architecture. To do so, the $210 million project is turning to an unconventional funding strategy.
Site Plan for 640 W Irving Park Road by Perkins Eastman
Elevations of 640 W Irving Park Road by Perkins Eastman
Led by Neem Capital and in collaboration with AIC, the project will allow investors to purchase shares of the building. Each share will represent a specific unit, and investors will earn returns from the rental income. Those returns—expected to range from 7 to 10 percent annually—can be cashed out via stablecoins, USD, or tuition credits at AIC, according to BLDUP.
640 W Irving Park Road Rendering Courtesy of Level Architecture and Perkins Eastman
The first phase of the project will redevelop the existing school and is expected to take 18 months to complete. It will create 245 residential units consisting of studio, one-bedroom, and two-bedroom layouts. Amenity spaces will include a coworking lounge, fitness center, roof deck, and a semi-public auditorium carved out of the existing facilities.
Rendering For 640 W Irving Park Road Courtesy of Perkins Eastman and Level Architecture
Phase two will be constructed on the rear parking lot and is projected to take approximately 24 months. It will feature a new L-shaped tower rising 22 stories, dedicated to senior living. The tower will include 108 independent living units, 60 assisted living units, and 32 memory care units, along with a 98-space parking garage and amenities aimed at improving quality of life.
Rendering For 640 W Irving Park Road Courtesy of Perkins Eastman and Level Architecture
Both phases will partially run concurrently, with total construction expected to take 36 months. With that timeline in mind, the development would need to break ground in early 2026 to meet the project’s stated opening date of 2028. Since no further approvals are required, the development team now just needs to raise capital, with individual investments ranging from $200,000 to over $20 million.
A project website with further information can be found here.
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As the former 46th Ward Alderman who supported this project, I view this development as a win-win for the community. It not only safeguards a building of significant historical value but also delivers much-needed housing to the area. Slowly but surely, more and more people are understanding the dynamics of the law of supply and demand, which helps keep area rents in check.
The development is a good thing, as is saving the historic building, but the design of the tower has never risen above mediocre. It’s curious that after all these years, a more inspiring design for this prime location hasn’t emerged.
My sister attended and graduated from Immaculata High School 1958.
Glad to see this moving forward