The Chicago Department of Planning and Development recently announced the approval of a city-owned land sale for a $42 million mixed-income, mixed-use apartment complex in Grand Boulevard. The project is planned by Bella Noir LLC for 601-21 W. 47th St., combining five vacant lots across .63 acres with two adjacent lots already owned by Bella Noir that have been empty for at least 25 years and sold at their collective market value of $784,000.
The 100,000 square foot building will include 14,000 square feet of commercial space to house a pharmacy, fitness center medical offices and office space dedicated to the non-profit Lyric Foundation’s real estate development services subsidiary – Bella Noir LLC. Additionally three affordable residential units are included per the city’s Affordable Requirements Ordinance creating up to 250 construction jobs as well as 130 permanent positions upon completion.
