City Land Sale Will Enable $42 Million Mixed-Use Complex in Grand Boulevard
Department of Planning and Development 312.744.9267
A $42 million mixed-income, mixed-use apartment complex will be constructed in Grand Boulevard following a City-owned land sale approved by City Council today.
Planned for 601-21 W. 47th St. by Bella Noir LLC, the 27-unit project will be built on .63 acres of vacant City land to be sold for its appraised value of $784,000. The project site also includes two adjacent lots already owned by the developer.
The 100,000-square-foot complex is planned to include 14,000 square feet of commercial space for a pharmacy, fitness center, medical offices, and office space for the non-profit Lyric Foundation, which provides youth scholarships for after-school education. 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.