Plans for an upcoming residential development at 5854 North Broadway are moving forward after receiving funding approval from the Chicago City Council. Located mid-block between West Thorndale Avenue and West Ardmore Avenue in Edgewater, the project has been in the works for over three years and is set to replace a one-story building and its parking lot.
Site context of 5853 North Broadway via Google Maps
Aerial view via LLBA
Efforts for the fully affordable development are being led by local developer Bickerdike Redevelopment Corporation along with design firm LBBA, who have also partnered up for other similar projects across the city. The structure will be anchored by a one-story podium with setbacks on both sides to create private gardens for residents.
Rendering of 5853 North Broadway via LBBA
Inside will be a large community room and a large office space for management and on-site services. Behind this will be a 14-vehicle covered parking lot under the structure above. The floors above will take a T-shape until the third floor in order to continue the existing streetwall. These will contain liner units as well.
Floor plans of 5853 N Broadway via LBBA
In total, the development will deliver 90 affordable units made up of 30 one-bedroom, 50 two-bedroom, and 10 three-bedroom layouts. Small terraces will also be created as the building sets back in the rear. The 128-foot-tall structure will be clad in a mix of brick and white metal panels, with multi-colored panel accents.
Rendering of 5853 North Broadway via LBBA
The overall $78 million development will receive $22 million in Tax Increment Financing (TIF), $18.5 million in tax-exempt bonds, along with nearly $10 million in other city funds. Additional funding will be collected by the developer from other sources. The project is now fully approved, and contractors have been selected, though no timeline has been revealed.
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Every time you see multicolored panels on a building, you know it’s so-called ‘affordable housing.’ Infantilizing, patronizing, and, if you will, stigmatizing.
On the 2024 tax filings for Bickerdike, of their $94M in net assets, “Sponsor Notes” account for $61.7M of their assets. Does anyone know what these sponsor notes are/do? They also list $8.2M as investments categorized as “investments and advances to affiliates”. Is this construction related? Thanks for any help.