Edgewater and Logan Square could see new affordable housing towers as nonprofit developer spreads its wings

Bickerdike Redevelopment Corp. wants to launch the construction of an 11-story, 90-unit building at 5853 N. Broadway St. in Edgewater. Chicago’s Edgewater and Logan Square neighborhoods could soon see new apartment towers 100% dedicated to affordable housing, according to documents filed with the City Council’s zoning committee.

“There are huge areas of the city that have become incredibly unaffordable,” Bickerdike CEO Joy Aruguete said. “So, during the COVID years we created a strategic plan to expand into other neighborhoods, and at that time we got contacted by 48th Ward Alderman Harry Osterman, who asked us to do a project in his ward. We hit the ground running.”

Bickerdike opened the seven-story, $40 million Lucy Gonzalez Parsons Apartments in 2022. Half the units are reserved for the Chicago Housing Authority and the rest for families earning 60% or less of the area median income. “A lot of Logan Square residents were able to move into Lucy Parsons and stay in the community that they have called home for a long time,” Aruguete said.

Source: Real Estate Daily Report (realestatedailyreport.net)

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