Property Markets' 500-Unit Pilsen Proposal Lacks Alderman's OK

Property Markets Group wants to build a 500-unit apartment building at this site in Chicago's Pilsen neighborhood.

A plan to build 500 apartments on vacant land in Pilsen is DOA, for now, after an influential neighborhood group's unfavorable recommendation led the neighborhood's alderman to withdraw his support.

Ald. Danny Solis (25th) won't back Property Markets Group's plan for 7.5 acres at 16th and Newberry after the Pilsen Land Use Committee and Property Markets couldn't reach an agreement on the percentage of the units that would be set aside for affordable housing. Solis and the committee reached a deal in 2005 to set aside 21% of new housing units in Pilsen for affordable housing, more than double the minimum required by the city. Property Markets Group countered with the 10% minimum set by the ARO, according to DNAInfo.

The Pilsen Land Use Committee has relaxed its affordable housing requirement in the past when a developer offered something that was beneficial to the community. Solis, who long questioned the scope of the proposal, previously supported it because Property Markets Group's plan called for 1.5 acres of green space. [DNA]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

California Investor Scoops Up Amazon Warehouse: The Chicago Deal Sheet

Dublin BTR Had A €1B Summer

How Crystal Lake 'Connects The Dots' To Building Complete Community

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

DFW Multifamily Distress Creates Opening For Investors As Development Slows