[2022] Upcoming Affordable Multi-Family Rental Projects in Chicago
Upcoming Affordable multi-family construction projects are in the works all over Chicago.
According to BuildCentral’s MultiFamilyData, nearly 37 percent of multi-family rental projects currently in planning are classified as being affordable.
As Congress works to push through its infrastructure and jobs plans, the Biden administration is advocating for the conversion of spaces previously zoned for single-family residences into apartment buildings and multi-family residential areas.
Single-family zoning’s history of disproportionately affecting low-income communities’ ability to secure housing is behind this effort. That said, no such bill has yet become law. As such, you might notice that all of the planned affordable, multi-family rental projects mentioned on this list are considered new projects instead of, for example, renovations or additions.
This list considers planned affordable, multi-family rental projects in Chicago, per a query of BuildCentral’s MultiFamilyData with project updates coming after 9/1/21. These projects are sorted by estimated project value.
3400 West Ogden Avenue Mixed-Use
For this Cicero-based project, The Community Builders has been chosen as the project developer after submitting a winning proposal to the Chicago Planning Department. BuildCentral has been following this project since conceptual plans were detailed in December 2020.
Rendering of 3400 West Ogden Avenue Project (Courtesy City of Chicago Department of Planning and Development)
| Construction Type: | New | # of Units: | 207 |
| Project Type: | For Rent | Building Type: | N/A |
| Estimated Value: | $102 million | # of Buildings: | N/A |
| Sector: | Private | Product Type: | Affordable |
| Location: | Chicago, IL 60623. 3400 W Ogden Ave (View Map) |
| Details: | Plans call for the construction of a 20-story mixed-use development with a food hall for minority-owned restaurants, office space for nonprofits, a produce grocer, and 207 affordable apartments. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
43 Green Phase I
While The Habitat Company has stated that there is not yet a construction schedule for this project, it has announced that McHugh Construction Co. and The Bowa Group will be sharing general contractor responsibilities. This project has been on BuildCentral’s radar since 2019, when the proposed project received support from 3rd Ward Alderman Pat Dowell, as well as funding via low-income housing tax credits.
Rendering of 43 Green (Landon Bone Baker Architects)
| Construction Type: | New | # of Units: | |
| Project Type: | For Rent | Building Type: | |
| Estimated Value: | $30 million | # of Buildings: | |
| Sector: | Private | Product Type: |
| Location: | Chicago, IL 60653. South Side of 43rd St and Calumet Ave (View Map) |
| Details: | Plans call for the construction of an eight-story mixed-use development with 5,300 square feet of retail space and 99 affordable apartments. Rents for the units will range from $975 to $1,750 and there will be a mixture of studios, one-bedrooms and two-bedrooms. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Maryland Ave Mixed-Use Building
This City of Chicago-owned project has been approved by the Chicago Plan Commission, and Fitzgerald Associates Architects has been named as the project’s lead architect. Nearly 80 percent of the planned units will be affordable.
Rendering of Maryland Ave Mixed-Use project (Courtesy Block Club Chicago)
| Construction Type: | New | # of Units: | 56 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $5-$25 million | # of Buildings: | 1 |
| Sector: | Private, Public | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60637. 835-61 East 63rd Street (View Map) |
| Details: | Plans call for the construction of a five-story mixed-use building that will contain retail space, two live-work units, and 56 dwelling units. Forty-one of the units will be affordable. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
1201 California Mixed-Use
Hispanic Housing Development Corporation, the developer and owner of this project, has said that there is a tentative expectation that construction begin in the fall of 2022. This project has received $1.5 million in funding in the form of state tax credits.
The empty lot at which the 1201 California Mixed-Use project will take place (Google Maps)
| Construction Type: | New | # of Units: | 64 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $5-$25 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Affordable |
| Location: | Chicago, IL 60622. 1201 N California Ave (View Map) |
| Details: | Plans call for the construction of a nine-story mixed-use building with 3,221 square feet of retail space and 64 affordable apartments. There will be 10 one-bedrooms, 15 two-bedrooms and 39 three-bedroom units. |
| Stage: | Starts in 12+ months |
| Construction Start: | Q4/2022 |
| Construction End: | Q4/2023 |
North Sheridan Apartments
After going under review with the Chicago Zoning Board of Appeals, this project has been approved by the Chicago City Council for rezoning. Previously, the space’s tenant had been a restaurant whose lease eventually expired and which consequently closed.
Rendering of North Sheridan Apartments (2RZ Architecture)
| Construction Type: | New | # of Units: | 50 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $5-$25 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60640. 5354 N Sheridan Ave (View Map) |
| Details: | Plans call for demolition of existing structure and new construction of a four-story apartment building consisting of 41 one-bedroom and 9 two-bedroom rentals. Five of the units will be affordable. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Remember, these five projects represent only a sample of the affordable, multi-family rental opportunities that are currently in planning in Chicago. While each of these projects is new, keep an eye out for an uptick in multi-family projects made possible by rezoning applications and other conversions of preexisting spaces.
This trend could become especially popular if the Biden administration’s proposed legislation winds up making its way through both the Senate and the House.
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