Origin, Cedar Street JV Start Work on New $65M Multifamily Project in QOZ
The Pilsen Gateway project is located in a Qualified Opportunity Zone near the city’s Medical District. It is being developed on a 1.24-acre site at 1461 S. Blue Island that is bounded by S. Racine Avenue, S. Blue Island Ave. and 15th St.
CHICAGO—Construction has begun on a new $64.5-million multifamily project in the city’s Pilsen neighborhood by a joint venture of Chicago-based Origin Investments and Cedar Street Companies.
The Pilsen Gateway project is located in a Qualified Opportunity Zone near the city’s Medical District. It is being developed on a 1.24-acre site at 1461 S. Blue Island that is bounded by S. Racine Avenue, S. Blue Island Ave. and 15th St.
Pilsen Gateway is located less than 1.5 miles from Downtown Chicago, three blocks north of the Pilsen neighborhood and on the southern edge of the University Village/Little Italy neighborhood.
When completed, Pilsen Gateway will feature 202 high-end apartment units, approximately 7,600 square feet of ground floor retail space, an 8,500-square-foot outdoor amenity deck, a resident lounge and fully equipped gym, an amenitized lobby. The property will offer views of the Chicago skyline, proximity to boutique restaurants and 131 parking spaces.
The unit mix includes 75 studios, 42 convertible units, 62 one-bedroom apartments and 23 two-bedroom units. The average unit size is 616 square feet. Seven units in the building—three studio, three one-bedroom and one two-bedroom units—are classified as affordable.
“We saw this as a unique opportunity to develop something of scale, in a neighborhood with tremendous demand but a lack of supply. The project is located at Pilsen’s ‘front door,’ at the intersection of Blue Island Road and 15th street. We believe our unit type and amenity offering will bode well within the submarket – it’s a fun, vibrant demographic,” says Will Murphy, CEO and managing partner, Cedar Street Companies.
This is Cedar’s second project in the Pilsen market, the first being the renovation of an historic building also along 15th Street.
“For over a decade the land use between Pilsen and Little Italy has been underutilized, that is starting to change,” Murphy notes. “We see 15th Street as an extension of Pilsen, and the new developments underway substantiate this. Procuring retailers is the next step.”
Site work already is underway. Cedar Street and Origin anticipate delivering the first units in the spring of 2021.