The 3831 W Chicago mixed-use development has received funding owing to the Chicago City Council. The project, which is being planned by 548 Capital, will be located on a block-long property between N. Avers Ave. and N. Springfield Ave.
While the city is selling the lots it already owns at each intersection, the developer currently owns the middle area of the site. There will also be a sale and incorporation of two city-owned lots along N. Springfield Avenue.
The Lamar Johnson Collaborative-designed 3831 W Chicago mixed-use development will have four storeys and accommodate 60 units. The units, which will be distributed throughout the top three floors, will include 19 studios, 21 one-bedrooms, 15 two-bedrooms, and 5 three-bedrooms. As a mixed-income project, the building will have 6 units priced at 30% AMI, 42 at 60% AMI, and 12 rented at market rate.
The 3831 W Chicago mixed-use development’s retail space
The ground floor will have about 7,700 square feet of retail space set aside for a grocery store and cafe. The westernmost portion of the ground floor will house community programming and look out onto a covered plaza that is located beneath the building’s overhang.
The U-shaped structure enables easy access to the grocery store, both residential lobbies, and a parking lot along the alley. Furthermore, the facade is made out of a framed grid of window units, characterized by various angled frame patterns. Different modules protrude and are decorated with embellishments made of colored metal.
The estimated $43.8 million development will be financed with $1 million in Illinois Donation Tax Credit equity, $14 million in LIHTC tax credit equity, $385,000 in ComEd grants, $100,000 from a Community Trust grant, $2.3 million from an ARC donation grant, $7.3 million in Multi-Program Loan Funds, $500,000 in deferred developer fees, and $18.1 million in TIF funding. Four municipal-owned parcels worth a total of $262,000 will be sold by the city for just $4 ($1 per lot).
