Land Sale Would Enable $42 Million Mixed-Use Complex in Grand Boulevard
Department of Planning and Development 312.744.9267
A 27-unit, mixed-income, mixed-use apartment complex would be constructed in Grand Boulevard through a City-owned land sale proposed to City Council today by Mayor Brandon Johnson.
The $42.2 million project planned for 601-21 W. 47th St. by Bella Noir LLC would replace five vacant City lots consisting of .63 acres, which would be combined with two adjacent lots already owned by Bella Noir. Largely vacant for at least 25 years, the City lots would be sold for their collective market value of $784,000.
The 100,000-square-foot building is planned to include 14,000 square feet of commercial space for pharmacy, fitness center, medical offices, and office space for the non-profit Lyric Foundation, which provides after-school programs in music, science, and other fields. Bella Noir is a foundation subsidiary that provides real estate development services.
The project will also include three affordable residential units for tenants earning up to 60% of the area’s median income, in accordance with the City’s Affordable Requirements Ordinance. Thirty-seven parking spaces will be available for building tenants and visitors.
The project is expected to create up to 250 construction jobs and 130 permanent jobs.
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