What's Happening?
The Chicago Plan Commission has approved a proposal for a 12-story apartment building in Lakeview and several new apartment projects in the Fulton Market area. The Lakeview project, known as The Phoenix, will include 188 units, with 38 designated as affordable
housing. It also features a rooftop garden and public park space. Despite some local opposition regarding scale and environmental concerns, the project received support for addressing housing shortages. In Fulton Market, a 29-story building with 347 units, including 70 affordable units, was approved, highlighting the area's ongoing development surge.
Why It's Important?
These developments are significant for addressing Chicago's housing shortage and supporting urban growth. The Lakeview project, in particular, aims to increase the housing supply and stabilize rent prices in a high-demand area. The inclusion of affordable units in both projects reflects efforts to promote economic diversity and accessibility in rapidly developing neighborhoods. Additionally, these projects contribute to Chicago's broader urban planning goals by integrating public spaces and environmentally conscious design features, which can enhance community livability and sustainability.
What's Next?
The Lakeview project still requires approval from the City Council's Zoning Committee and the full City Council. Developers are encouraged to enhance bird protection features before final approval. In Fulton Market, the approved projects will proceed to the Zoning Committee with a positive recommendation. These developments are expected to create jobs and provide much-needed housing, contributing to Chicago's economic vitality. Ongoing community engagement and environmental considerations will be crucial as these projects move forward.
