ALBANY PARK — A six-story affordable housing development in Albany Park won support from the city’s planning and development department this week.
Developer Celadon Holdings announced in April plans for an apartment building focused on affordable housing at an empty lot at 3557 W. Lawrence Ave. after the city granted the project highly competitive tax credits.
The city’s community development commission, which oversees redevelopment projects receiving TIF dollars, endorsed the project at its meeting Tuesday.
Celedon is partnering with the Renters Organizing Ourselves to Stay initiative created by Communities United, a nonprofit focusing on affordable and quality housing. It’s one of two Albany Park projects the initiative is working on.
“This is a huge victory for us,” said Diane Limas, Communities United’s board president.
The 50-unit building will complement seven other buildings in the area Communities United is renovating to preserve the neighborhood’s affordable housing stock, which has been shrinking due to gentrification, Limas said.
The development at Lawrence will be supported by $2.5 million in TIF funds and still needs to go before the full City Council for approval.
Concordia Place also plans to open an early childhood care center on the ground floor of the building. It would offer free or low-cost child care to residents of the building.
Celedon expects to close on the property in May and begin construction in June, said Scott Henry, principal at Celadon.
Construction should last a year and apartments could start to become available by summer 2022.
“We really want to work with Minority Business Enterprise and Women Business Enterprise subcontracting firms for this site,” Henry said. “It’s important to us to get the word out at neighborhood meetings, too, but we want to do everything we can to let folks know there are jobs available. We want to make sure these firms are represented in a big way here.”
Ald. Rossana Rodriguez (33rd) said the majority of people who gave her office feedback on the development wanted it to move forward.
“We have lost thousands of Latinx residents of our ward because of gentrification and this development is a small step towards a more affordable community for all,”, she said.
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