A vacant lot near the border of Chicago’s Albany Park and Irving Park neighborhoods will soon be replaced by a 48-unit affordable housing development known as the Oso Apartments. The five-story project landed its first permit to begin construction at the southwest corner of Montrose Avenue and Bernard Street earlier this week.
Co-developed by Evergreen Real Estate Group and the Chicago Housing Authority, Oso will include 32 one-bedroom and 16 two-bedroom rental units. The project sets aside 29 units for the CHA’s Project Based Voucher program with the remainder rented at an affordable rate for tenants earning no more than 60 percent of the area median income. Evergreen acquired the property at 3441 W. Montrose Avenue in July for $1.65 million.
Based on renderings from Chicago-based Canopy Architecture + Design, the Oso Apartments will be wrapped in a metal facade with bright yellow accents. The transit-oriented development will provide amenities like a community room and bike storage area plus 22 parking spaces available to residents on a first-come, first-served basis, reported the Cook County Chronicle in April.
The newly-permitted project hopes to welcome its first tenants next summer. Meanwhile, Evergreen and the CHA are working together on the Independence Branch combination library and affordable housing development under construction at nearby 4022 N. Elston Avenue.
- New construction permit at 3435 W. Montrose Avenue [Chicago Cityscape]
- Affordable housing development coming to Irving Park [Cook County Chronicle]
- Plan to turn vacant Montrose lot Into affordable apartments [DNAinfo]