The popular Bloomingdale Trail aka The 606, a 2.7-mile, car-free elevated east-west trail through Wicker Park, Bucktown, Humboldt Park, and Logan Square, has resulted in higher property values, property taxes, and rents that have resulted in higher property values the Displacement of long-term residents since construction in 2015. In January 2020, the city council passed a resolution prohibiting the demolition of residential buildings along the way for six months. The resolution had been extended to April 2021. There is a certain relief for the working-class families in the community. The west end of the lane at Logan Square could see new park and affordable housing construction that can help more residents afford to stay in the neighborhood
According to a Block Club Chicago Article by Mina Bloom, nearly 200 affordable homes could be built in a residential area called Encuentro Square. The development, led by Latin United Community Housing, known as LUCHA, and the Evergreen Real Estate Group, would include a three-building campus with affordable housing and a park. The planned urban property at 3745 W Cortland was cleared from the old Magid Glove factory in February of this year.
This is the third suggestion for the website. Last year, the groups shared plans for 74 apartments, 54 of which would be affordable. In 2019, the Chicago Park District announced its desire to sell the land with the aim of building at least 150 affordable housing units, according to local councilor Roberto Maldonado (26th). Maldonado itself Earned $ 300,000 in land speculation along the walking corridor. According to a. Awarded $ 1.5 million in federal tax credits Block Club Chicago article from last year.
It is unclear how far the developers are in funding the project and when construction would begin. The plans for the development divide the construction into two phases, in which two buildings are erected in the first phase and the third building in the second phase.
I think it’s bittersweet that affordable housing is coming to a gentrified area. It would have been better if more had been done to prevent evictions in the first place. But I’m still happy that affordable housing is coming to an area that could use it. Maldonado told Block Club that he sees the upcoming development as “a tremendous stabilizer” and something that “will allow families to stay in our community, in a community they have called home for so many decades.”
LUCHA and the Evergreen Real Estate Group are holding a virtual community meeting on the proposal on Wednesday, October 20th at 6 p.m. You can sign up for the meeting or sign up for updates by doing the Developer survey.