5853 N Broadway

Details

Overview
Bickerdike proposes the development of a multi-family equitable transit-oriented affordable housing development at 5853 North Broadway. This site is City-owned and serves as a Streets and Sanitation ward service yard. The project is intended to help address the loss of affordable rental apartments in Edgewater.

Project Concept and Vision
Bickerdike is planning for the development of a 100% affordable family housing building on the site to address the loss of affordability on the north lakefront. We believe this site, on the east side of Broadway Street and adjacent to the CTA Red Line, can accommodate sufficient density to support between 80 and 100 rental apartments. Our current modeling for the project is an 11-story building containing 90 residential units. The building will house an on-site management office and community space, including a bike storage room. These common areas will be provided on the first floor, along Broadway. Parking will be provided at grade and accessed from the alley at the rear of the building.

Anticipated Financing
We anticipate that the project will be funded with Low-Income Housing Tax Credits (LIHTC) – either from the City of Chicago or the Illinois Housing Development Authority – and other sources, including TIF and/or HOME funds. In addition, we are exploring energy-efficient designs that will allow the project to be eligible for ComEd grants and other potential sources to support sustainable design.

Timeline
Bickerdike has submitted a Negotiated Sale application to the Department of Planning and Development. Our goal is to submit a financing application to the Department of Housing by the summer of 2023.

Download information here.