The Chicago City Council has sanctioned a $25 million bond for The Ave, a multi-family housing project. The Ave, which won the Chicago Ave Invest South/West RFP site in late 2021, will be situated at 3601 W. Chicago, replacing the existing Neighborhood Housing Services office and a city-owned commercial building. The project, led by KMW Communities, POAH, and CEC, will be a four-story structure housing 52 affordable apartments, a Neighborhood Housing Services space, an innovation center, 16,000 square feet of retail space, and a ground-floor parking area for 32 vehicles.
Exterior rendering of The AVE + West Humboldt Park Corridor Plan from Gensler
The design, by Gensler and Nia Architects, aims to create a longer structure with multiple components. The tallest part will be along N. Central Park Ave, while the shorter part will extend towards N. Monticello Ave. The central public space, known as The Stoop, will feature a multi-use plaza displaying local artwork.
Exterior rendering of The AVE + West Humboldt Park Corridor Plan from Gensler
Exterior rendering of The AVE + West Humboldt Park Corridor Plan from Gensler
The AVE + West Humboldt Park Corridor Plan from Gensler
The design has changed since winning the RFP due to affordability considerations. The top floor of the previous design was removed, and the NHS office space was relocated. The building will feature a gridded brick facade with wood veneer accent panels and aluminum windows.
Now that funding has been approved, the developers are focusing on a pending zoning change in order to proceed.
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How will the bond be paid back? Who owns the building? Are rents and other receipts pledged to pay back the bond? What is the payback period?
It’s probably structured like a typical construction loan, but at a reduced interest rate.
a fully renovated single family home with 4 bedrooms, 2 bathrooms, and a yard and garage on the same block goes for between $200,000-$250,000 right now. this building, which we call affordable housing, is priced at $480,000 for a single apartment. I don’t know what scam the city and politically connected developers are trying to pull but they are very good at it.
It’s fair to question to cost of city funded developments, but in your example you are comparing apple to oranges. Your nearby renovated homes are not new construction, and don’t have elevators, retail space, office space and a parking garage for 30+ cars.
correct, but the end goal is the same…. housing for people. even new construction single family homes on the street are $100,000 cheaper than these apartments. I don’t understand why the city doesn’t just buy those houses and give them away and save $100,000.
Except this is producing more than just housing. Your calculations do not include the cost of the commercial space or the accessible units. Almost a quarter of the building is commercial. And there is a severe shortage of accessible units, making the elevator even more important. The elevators could add more than $200,000 to the project.
Why do all the public artworks planned on these buildings resemble graphic novels? Is there no other style that our citizens might wish to view?
It’s fair to question to cost of city funded developments, but in your example you are comparing apple to oranges. Your nearby renovated homes are not new construction, and the sales prices of these houses dosen’t include the cost of elevators, retail space, office space and a parking garage for 30+ cars.
It’s fair to question to cost of city funded developments, but in your example you are comparing apple to oranges. Your nearby renovated homes are not new construction, and the sales prices of these houses don’t include the cost of elevators, retail space, office space and a parking garage for 30+ cars.
Gentrification.
Are you seriously going to argue that the neighborhood should continue as it is? A food desert and one of the biggest drug trafficking areas in the city? Come on.