A Chicago developer wants to transform four vacant lots in Bronzeville by building dozens of new apartments.
East Village-based Capricorn Design and Build is pitching four residential buildings on lots between 3746-3766 S. Michigan Ave. in Douglas. Totaling 90 units, the project would breathe some new life into a Rate Field-adjacent corridor that’s dotted with vacant land.
Capricorn is seeking a zoning change that would allow them to build more than the currently-permitted 60 units. Once approved by the city’s Committee on Zoning, Landmarks and Building Standards, the project will be able to move forward. It’s unclear if there will be a vote at the committee’s December meeting as an agenda hasn’t been released yet.
The firm declined to comment on the project.
Plans submitted to the city show a building on each lot that’s designed by Hanna Architects. The project would be completed in four phases, but the estimated timing for each phase is unclear.
Two of the residential buildings would have 22 units each, and the other two would each have 23 units. Each building, clad in red brick, will also have 14 parking spaces, bike parking and roof decks, according to the project’s application.
Units would include one- and two-bedrooms, and 18 units will be set aside as affordable. The apartments 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 buildings would be in a transit-rich location with the nearby Red and Green lines, plus quick access to the highway.
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.
Capricorn has built more than 500 units in Chicago and manages more than 150 rental units, according to its application.