Construction Completed on Evergreen-Chicago Housing Authority Affordable Project
Located at the southwest corner of Montrose Avenue and Bernard Street, on formerly vacant land, the new five-story building has 32 one-bedroom and 16 two-bedroom apartments, which are nearly fully occupied.
CHICAGO—Construction has been completed on the Oso Apartments project, a 48-unit affordable rental community at 3435 W. Montrose Ave. in Chicago’s Albany Park neighborhood developed by a partnership of Evergreen Real Estate Group and the Chicago Housing Authority.
Located at the southwest corner of Montrose Avenue and Bernard Street, on formerly vacant land, the new five-story building has 32 one-bedroom and 16 two-bedroom apartments, which are nearly fully occupied.
Of the 48 apartments, 32 are set aside for Chicago Housing Authority residents. A total of 14 units are reserved for households earning up to 60% of the area median income, while the remaining two units are reserved for households earning up to 50% of AMI.
David Block, director of development at Evergreen Real Estate Group, says, “We still have a long way to go in addressing Chicago’s affordable housing shortage, but this project and nearby developments like the Independence Apartments and Independence Branch Library represent progress in our mission of creating and preserving housing that allows neighbors to stay in their existing neighborhoods.”
The $10-million project was funded, in part, with federal low-income housing tax credits and trust funds from the Illinois Housing Development Authority. Other financing partners included the Chicago Housing Authority, ComEd Energy Grant, US Bank and Citi Bank.
On-site amenities at Oso include a public plaza at the corner of Montrose and Bernard, as well as a smaller landscaped area for residents, located on the west side of the property. In addition, Oso offers a large community room, as well as a lobby with seating area, in-building laundry, bike and tenant storage and 22 surface parking spaces.
Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the project, which was delivered in less than 12 months.
Evergreen was joined by 35th Ward Ald. Carlos Ramirez-Rosa and officials from the Chicago Housing Authority, Illinois Housing Development Authority and North River Commission at a ribbon-cutting event on Oct. 10.
Designed by Chicago-based Canopy Architecture + Design, Oso Apartments features a textured concrete façade with bright yellow metal accents. The entrance includes an art wall featuring a mural design by Chicago artist Miguel A. Del Real.