City Council Approves Rezoning for 5050 S Prairie Avenue in Grand Boulevard
The Chicago City Council has approved the rezoning bid for the upcoming development at 5050 S Prairie Avenue in Grand Boulevard. As previously reported, the site is located at the corner of S Prairie Avenue and E 51st Street, and the project is made up of multiple lots, both privately-owned lots and city-owned along 5036-5044 S Prairie Avenue. The development is led by KLY Development. This project will replace vacant land as well as an unused building near the intersection.
The design, produced by 1919 Architects, calls for a new four-story mixed-use building with a total of 49 residential units. The project’s mix will consist of three studios, 14 one-bedrooms, 31 two-bedrooms, and one three-bedroom apartment. Many of the forthcoming units will have outdoor space in the form of balconies and there will also be 26 parking spaces provided along the alley. On the ground floor will be 4,400 square feet of retail space.
Funding for the $12 million project involves $1.6 million in equity from the developers and a $10 million HUD loan. The city-owned lots will be sold to the developer for $1 as approved by the Community Development Commission.
In order to meet ARO requirements, two affordable units will be offered in the building, one unit will be at the developer’s property at 1337 S Central Park Avenue, and a fee-in-lieu will be paid for the final two units.
Though the City Council has approved converting the project to B2-3 zoning, it will still need to approve the land sale for the project to proceed.
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