The Chicago Plan Commission on Thursday gave the first approval for a Chicago developer to turn a stretch of vacant lots in Bronzeville into dozens of new apartments.
Pitched by East Village-based Capricorn Design and Build, the $24 million plan calls for 90 units across four new buildings on Michigan Avenue. Eighteen of the units will be affordable for those making an average of 60% of the area median income. In Chicago, that’s $48,000 for a two-person household.
The site, spanning 3746-66 S. Michigan Ave., is currently vacant. It will sit on a stretch of Michigan Avenue that’s dotted with empty parcels and could help breathe new life into the Rate Field-adjacent corridor. The apartments would also be in a transit-rich location, with the nearby Red and Green lines, plus quick access to the highway.
The 90 units will be almost evenly split between all four buildings, according to project plans. Each building will cost about $6 million to construct, according to the developer’s presentation. Apartments will have one- and two-bedroom units.
Each building, clad in red brick, will have 14 parking spaces, bike parking and roof decks.
Hanna Architects designed the project. John Hanna, the firm’s founder, described the project as “very articulated masonry buildings,” with detailed cornices and light trim on the balconies.
“We think [it’s] very in keeping with what’s going on in the neighborhood,” Hanna said.
The development team said it modified its proposal after receiving feedback from Ald. Pat Dowell (3rd) and the city’s Department of Planning and Development. The team varied the building materials to add more visual interest at the street level. It also added variation to the buildings’ rooflines.
The project received letters of support from the nearby St. Thomas Episcopal Church, The Renaissance Collaborative and the South Side Community Art Center. Dowell also penned a letter of support.
Commissioners applauded the proposal for its design, which mirrors the architecture of nearby homes on Michigan Avenue.
With approval to build more than the previously 60 units allowed on the land, Capricorn plans to start construction in March 2026. The project will be built in four phases, with phase one estimated to be complete in December 2027.
Capricorn bills itself as a “premier” real estate development firm that specializes in “innovative design and quality construction.” The firm has expanded its focus from rehab work to new construction over its 30-year history, including single-family homes and condo projects.
It has built more than 500 units in Chicago and manages more than 150 rental units, according to its project application.
The Plan Commission also approved plans for two new residential buildings in South Shore, totaling 12 units.
And it amended the Business-Residential Planned Development at 1133 W. Van Buren St. on the Near West Side, allowing for a cannabis dispensary to operate out of the building’s ground floor after renovations.