Chicago's first all-affordable condo building opens in Lincoln Park

Residents are moving into a new Lincoln Park building that's delivering below-market-rate condos to the traditionally expensive area.

What's happening: The Seng, a five-story building at 869 W. Blackhawk St., is the first all-affordable condo building of its kind in Chicago.

• Eligibility is based on household income, which can't be more than 120% of the area median income. Buyers must also be certified by the Chicago Housing Trust.

Details: Two-bedrooms, which range from 824-868 square feet, start at $285,134.

• Three-bedrooms (988-1,186 square feet) start at $333,734.
• And four-beds (1,153-1,378 square feet) at $374,696.

Zoom out: The Seng is part of Structured Development's three-building plan to bring rentals, co-living spaces and condos to the Near North Side/Lincoln Park area near the North branch of the Chicago River.

• The co-living space Post Chicago opened this past spring.
• The 27-story rental tower called the Foundry is scheduled to be completed in early 2024.

What they're saying: "Working Chicagoans are faced with rising expenses and a shrinking supply of attainable for-sale housing options," Mike Drew, co-founding principal of Structured Development, tells Axios in a statement.

• "Having over half of The Seng units under contract illustrates the demand for entry-level homeownership in gentrified neighborhoods like Lincoln Park."