New Developer Aims To Restart Construction Of Stagnant Lincoln Square Project
A Lincoln Square apartment project that has been stalled since 2020 may get a jump-start with a new developer eager to revive it.
Developer THNS LLC is asking 40th Ward Alderman Andre Vasquez for a zoning change on the unfinished property to construct a blend of apartments, live-in studios and commercial space, Block Club Chicago reports.
In 2019, crews demolished the strip mall at 5035 North Lincoln Ave., which used to house a couple of restaurants and a chiropractor’s office, to clear the way for two apartment buildings, according to Block Club. But the project’s previous developer went bankrupt during the construction process.
The property now consists of a few unfinished buildings on the south end and some foundation poured on the north end.
“There were a lot of challenges in really getting anyone to look at it to develop something,” Vasquez told Block Club. “We’ve gotten to do a lot of conversations and focus on trying to increase affordability and sustaining the local business district.”
New plans for the northern end of the property would include a five-story apartment building with about 47 units, 20% of which would be designated affordable, THNS principal Vu Trieu told Block Club. Plans also call for a 15-car indoor parking garage and bike parking.
The developer can complete construction on the south end of the property under the prior zoning, Trieu said. That construction may start as soon as next week and finish in six to eight months, Block Club reported.
The northern half of the property is a different story. It needs a zoning change to move forward, Trieu told Block Club. If the city approves the change this winter, construction could begin in the spring and would take about a year to complete.