City Land Sale for $42M Mixed-Use Complex in Grand Boulevard
Chicago’s Department of Planning and Development announced that a $42 million mixed-income, mixed-use apartment complex will be constructed in Grand Boulevard following a city-owned land sale approved by Chicago’s City Council.
The project is planned for 601-21 W. 47th St. by Bella Noir LLC and would replace five vacant lots across .63 acres to be combined with two adjacent lots owned by Bella Noir. The lots have been vacant for at least 25 years and would be sold for their collective market value of $784,000.
The 100,000-square-foot building will include 14,000 square feet of commercial space for a pharmacy, fitness center, medical offices, and office space for the non-profit Lyric Foundation. Bella Noir is a foundation subsidiary that provides real estate development services.
The project will also include three affordable residential units for tenants per the city’s Affordable Requirements Ordinance and would create up to 250 construction jobs and 130 permanent jobs.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.