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."
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