[2024] Upcoming Affordable MultiFamily Rental Projects in Chicago
Upcoming affordable multifamily construction projects are in the works all over Chicago.
According to BuildCentral’s MultiFamilyData, nearly 37% of multifamily 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 multifamily 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, multifamily rental projects mentioned on this list are considered new projects instead of, for example, renovations or additions.
This list considers planned affordable, multifamily rental projects in Chicago, per a query of BuildCentral’s MultiFamilyData with project updates coming after 11/8/23.
Lincoln Square Apartments
As of 12/8/23, NorthShore Development Group, doing business as THNS LLC, is requesting a zoning change.
| Construction Type: | New | # of Units: | 47 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $3 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60625. 5035 N Lincoln Ave |
| Details: | Plans call for the construction of 47 apartments in a five-story building with a 15-car parking garage. 20% of the units will be affordable. Plans could possibly include commercial and live-in studio spaces. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
1868-1878 N. Milwaukee Ave. Mixed-Use Development
As of 8/9/23, a rezoning application has been approved by the Chicago City Council. As of 11/13/23, Space Architects + Planners is the architect.
| Construction Type: | New | # of Units: | 44 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $3 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60647. 1868-1878 N. Milwaukee Ave |
| Details: | Plans call for the construction of a five-story mixed-use building with 3,000 square feet of commercial space on the ground floor and 44 apartments, which would include a mix of studio, one, and two-bedroom units on the upper floors. Twenty percent of the units will be affordable. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Humboldt Park Development
As of 11/21/2023, the developers are pursuing a rezoning, with plans to start building in the latter part of 2025 and finish by the end of 2026.
| Construction Type: | New | # of Units: | 40 |
| Project Type: | For Rent | Building Type: | Mid-rise (4-11) |
| Estimated Value: | $6 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Affordable |
| Location: | Chicago, IL 60651. 3305 W Division St |
| Details: | Plans call for the construction of 40 affordable apartments, 2,600 square feet of ground-floor commercial space, and a partially-covered 14-vehicle parking lot in a six-story building. Amenities include a large residential lobby with offices, children’s play area, a 1,106-square-foot amenity room, small library space, and tenant storage. Units will consist of one-, two-, and three-bedroom floor plans. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Cabrini-Green Development – Clybourn and Larrabee Phase 1C
As of 12/27/23, initial details have been revealed, and the zoning application was filed by Chicago Housing Authority.
| Construction Type: | New | # of Units: | 248 |
| Project Type: | For Rent | Building Type: | N/A |
| Estimated Value: | $23 million | # of Buildings: | N/A |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60610. Clybourn Avenue and Larrabee |
| Details: | Plans call for the construction of a residential development with 248 multifamily rental units and 2,600-square-foot retail for phase 1C as part of the Cabrini-Green Development. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Morgan and Kinzie 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.
| Construction Type: | New | # of Units: | > 350 |
| Project Type: | For Rent | Building Type: | Skyscraper (40+) |
| Estimated Value: | $30 million | # of Buildings: | 1 |
| Sector: | Private | Product Type: | Market Rate, Affordable |
| Location: | Chicago, IL 60642. SEC N Morgan St & W Kinzie St |
| Details: | Plans call for the construction of a 43-story multifamily building with up to 460 apartment units. The development will include 92 affordable units. |
| Stage: | Planning (Active) |
| Construction Start: | N/A |
| Construction End: | N/A |
Remember, these five projects represent only a sample of the affordable, multifamily rental opportunities that are currently in planning in Chicago. While each of these projects is new, keep an eye out for an uptick in multifamily 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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