Evergreen Real Estate Group completed Encuentro Square Apartments in Chicago’s Logan Square neighborhood.
Evergreen developed the property in a joint venture with not-for-profit housing developer Latin United Community Housing Association (LUCHA), in partnership with the Chicago Department of Housing (DOH), the Department of Planning and Development (DPD) and the Chicago Housing Authority (CHA).
The $67.5 million development comprises two buildings, located at 3759 W. Cortland St. and 1844 N. Ridgeway Ave., at the western terminus of The 606 trail, an area that has seen housing costs soar in recent years. Together, they provide 89 affordable units for families and individuals with incomes at or below 60% of the area median income (AMI). Professionally managed by Evergreen, Encuentro Square is nearly fully leased.
Floor plans at Encuentro Square include one-, two- and three-bedroom apartments. Fifty-five of the homes benefit from long-term project-based rental assistance administered by the CHA, of which 44 are family-sized units with at least two bedrooms. In total, 70 of the apartments offer two or more bedrooms. All residences feature exposed concrete ceilings, plank flooring, window treatments, island kitchens with Energy Star appliances, modern baths and individually controlled HVAC.
Encuentro Square offers a variety of on-site amenities, including a community room, teaching kitchen, children’s playroom, private courtyard, resident lounges and laundry rooms on each floor, bike storage, and an on-site management office. In addition, a new playspace is directly across the street from the building at 1844 N. Ridgeway Ave., next to the McCormick YMCA, providing residents with front-door access. Evergreen recently donated $25,000 and volunteer hours to build the new playground in partnership with KABOOM!, a national nonprofit organization.
Community support services are also available to residents, including home-based early head start in partnership with the Children’s Place Association, as well as financial counseling.
Designed by Canopy / architecture + design, the contemporary buildings feature rounded corners with orange paneling and colorful trim around windows. “The orange panels are meant to mimic the migration pattern of the monarch butterfly, and there is a mural in the 3759 W. Cortland building that is visible from the street that depicts the monarch butterfly as well,” said Block. “This mural was created by two local artists and coordinated by Palenque LSNA, a local neighborhood association.”
Encuentro Square is close to CTA bus routes that connect to the Red, Brown and Blue L lines. Residents can also walk to numerous shopping and dining destinations along Armitage and North avenues. In addition to offering immediate access to The 606, Encuentro Square is adjacent to McAuliffe Elementary School and the McCormick YMCA.
Leveraging its expertise with complex financing packages, Evergreen funded Encuentro Square with approximately $32,124,000 in equity generated by city-sourced Low-Income Housing Tax Credits (LIHTC); $1,666,400 in funds generated by state tax credits from the city’s donation of the project property; $9,000,000 in city-sourced TIF funds; $14,485,586 in city-sourced loan funds; and private mortgage debt of $6,780,000, among other sources.
