LOGAN SQUARE — A city commission on Tuesday approved a plan to build an all-affordable housing complex on the city-owned lot next to the Logan Square Blue Line station.
The plan, which calls for an 86-foot-tall affordable housing complex at 2602-38 N. Emmett St., was OK’d by the Community Development Commission, which oversees projects in tax-increment finance (TIF) districts.
More specifically, the commission authorized the city to sell the land to Bickerdike Redevelopment Corporation and established a redevelopment agreement with the nonprofit developer. The latter is the first step in allowing the developer to secure TIF money to build the complex.
The commission on Tuesday also inked a redevelopment agreement with Bickerdike, which is a required step before the city can award the $10.1 million in tax-increment financing the developer requested.
The proposal’s dependence on public funding and city-owned land means it still needs approval from City Council’s committees on finance and housing before it can be approved by the full council. It would also need members of the council’s zoning committee to approve a zoning change.
The city’s Plan Commission, a key city panel, approved the plan last month.
The development is estimated to cost $40.1 million, according to the Chicago Department of Planning and Development. The proposal is also set to draw on about $13 million in financing from the Chicago Housing Authority, as well as low-income housing tax credits issued by the city that would generate more than $10 million in equity.
About half the units in the building would be earmarked for Chicago Housing Authority voucher holders, and the other half would be targeted to people making less than 60 percent of area median income.
The complex would be built on the site of an 1.43-acre city-owned parking lot next to the Logan Square Blue Line station. It would offer 100 units of affordable housing, ground-floor retail, a community room and 20 on-site parking spaces.
The plan has been in the works since at least 2014, when the Metropolitan Planning Council led a “participatory planning process” to find better uses for the parking lot.
Ald. Carlos Ramirez-Rosa (35th) is a big supporter of the project — and has been since before he became alderman. The alderman has said the project is “extremely important” in gentrifying Logan Square, which is continuing to lose affordable housing stock.
Some neighbors, saying they’d like to see “what else the lot is capable of,” have put up a fight. But Ramirez-Rosa has not wavered in his support.
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