A rendering of the project being built near Chicago's Medical District that is located in a Qualified Opportunity Zone. A rendering of the project beingbuilt near Chicago's Medical District that is located in aQualified Opportunity Zone.

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CHICAGO—Construction has begun on a new $64.5-millionmultifamily project in the city's Pilsen neighborhood by a jointventure of Chicago-based Origin Investments and Cedar StreetCompanies.

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The Pilsen Gateway project is located in a Qualified OpportunityZone near the city's Medical District. It is being developed on a1.24-acre site at 1461 S. Blue Island that is bounded by S. RacineAvenue, S. Blue Island Ave. and 15th St.

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Pilsen Gateway is located less than 1.5 miles from DowntownChicago, three blocks north of the Pilsen neighborhood and on thesouthern edge of the University Village/Little Italyneighborhood.

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When completed, Pilsen Gateway will feature 202 high-endapartment units, approximately 7,600 square feet of ground floorretail space, an 8,500-square-foot outdoor amenity deck, a residentlounge and fully equipped gym, an amenitized lobby. The propertywill offer views of the Chicago skyline, proximity to boutiquerestaurants and 131 parking spaces.

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The unit mix includes 75 studios, 42 convertible units, 62one-bedroom apartments and 23 two-bedroom units. The average unitsize is 616 square feet. Seven units in the building—three studio,three one-bedroom and one two-bedroom units—are classified asaffordable.

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"We saw this as a unique opportunity to develop something ofscale, in a neighborhood with tremendous demand but a lack ofsupply. The project is located at Pilsen's 'front door,' at theintersection of Blue Island Road and 15th street. We believe ourunit type and amenity offering will bode well within the submarket– it's a fun, vibrant demographic," says Will Murphy, CEO andmanaging partner, Cedar Street Companies.

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This is Cedar's second project in the Pilsen market, the firstbeing the renovation of an historic building also along 15thStreet.

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"For over a decade the land use between Pilsen and Little Italyhas been underutilized, that is starting to change," Murphy notes."We see 15th Street as an extension of Pilsen, and the newdevelopments underway substantiate this. Procuring retailers is thenext step."

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Site work already is underway. Cedar Street and Originanticipate delivering the first units in the spring of 2021.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.