5853 North Broadway will be a multi-family equitable transit-oriented affordable housing development adjacent to the Broadway Armory and the Thorndale Red Line stop. 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 developing a 100% affordable family housing building on the site to address the loss of affordability on the north lakefront. 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 design is an 11-story building containing 90 residential apartments. The building will house an on-site management and maintenance office, roof deck, community space, as well as covered one-to-one bike parking. These common areas will be located on the ground floor, along Broadway. Parking will be provided at grade and accessed from the alley at the rear of the building.
This building represents Bickerdike’s commitment to decarbonization and sustainability. It is envisioned as all-electric including Energy Star appliances, and electric heat pump heating and cooling as well as hot water.
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.