The Community Builders Plans $102M Affordable Housing Project in Chicago
CHICAGO — The Community Builders has unveiled plans to develop a $102 million, 20-story affordable housing project in Chicago’s Loop. The high-rise development has been selected as the winner of the City of Chicago’s C40 Reinventing Cities competition, which encourages carbon neutral and sustainable development. The 207 rental units will range from studio to two-bedroom and are restricted to tenants earning between 30 to 80 percent of area median income (AMI).
Slated to occupy city-owned land at the corner of Van Buren Street and Plymouth Court, the project was selected via a request for proposals process, which was issued last year through the international C40 Reinventing Cities competition. Designed by Studio Gang along with DesignBridge and JAQ Corp, the “Assemble Chicago” project was selected over three other net-zero proposals due to its superior design, commitment to affordability, family-sized units, development team experience, proposed purchase price and community feedback, according to the city. The site is currently occupied by a vacant parking garage and vacant land.
Located at the nexus of multiple transit lines, the building will include a two-level podium with a food hall for minority-owned restaurants, a produce grocer and wellness clinic. Plans also call for approximately $2 million in improvements for Pritzker Park.
The project is subject to multiple review and approval processes involving financing, site acquisition and zoning, which are expected to begin by the end of 2021. The property, recently appraised at $7.9 million, would be sold to the Community Builders for $1, pending approval by city council. C40 is a network of the world’s megacities committed to addressing climate change.