LINCOLN SQUARE — A nonprofit developer looking to build an affordable housing complex in the heart of Lincoln Square was awarded the highly competitive tax credits it needs for the project to move forward earlier this week.
The developer, Community Builders, wants a five-story building with 5,000 square feet of ground-floor retail, 51 affordable apartments, 41 public parking spaces and nine parking spaces for apartment residents at 4715 N. Western Ave.
Mayor Lori Lightfoot announced Monday Community Builders’ development proposal is one of the 24 affordable housing projects selected to benefit from $1 billion in tax credits.
The proposed building site is a public parking lot owned by the city and across the street from the Western Brown Line station. It has 47 spaces, of which 43 are used for metered public parking, three are used by Enterprise and one is used by ZipCar.
The developer also is seeking a transit-oriented development status for the building because it is so close to the CTA station.
Some residents, while supportive of more affordable housing, have said they are worried about losing a primary source of parking for the dense commercial area. The proposal would retain all but two of the available public parking spaces, according to the developer.
The building will also feature enclosed bicycle parking, a rooftop terrace and a lounge for residents on the fifth floor, in-unit washers and dryers, energy-efficient appliances and on-site property management.
Community Builders’ first proposal for the site didn’t get off the ground after the company lost out on $1.5 million in city tax credits it had banked on to build out the project.
The developer reapplied for the credits this summer with the hope of submitting a formal proposal to Ald. Matt Martin (47th) to review this winter.
In the year since the developer missed out on the tax credits, Martin’s office has held three community meetings to solicit feedback about what residents want to see at the site. Community Builders representatives previously told Block Club they have incorporated those comments into their new designs.
The revised plans include design and infrastructure features, like the use of masonry and more pedestrian-friendly streets, from the 2019 master plan for Lincoln Square and was presented to the public in May to allow the developer to gather additional feedback.
A spokesperson for the developer was not immediately available.
The proposal will undergo the 47th Ward’s community-driven development process. In a statement, Martin said he anticipates Community Builders will formally submit its plans to his office to review by early 2022.
As part of the community zoning process, the proposal will be reviewed by the 47th Ward’s zoning advisory council, the Lincoln Square Ravenswood Chamber of Commerce and local neighborhood associations. Martin anticipates holding more community meetings about the project, he said.
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