We are pleased to announce the City Council's approval of our Park Station development project, a significant stride in our mission to offer affordable housing solutions in the community. Located at 835-861 E. 63rd St. in Woodlawn, this five-story building is set to feature 56 apartments, with 41 designated as affordable units. It also includes two innovative "live-work" units that blend retail and residential spaces, along with three retail areas. Led by DL3 Realty in partnership with Michaels Development, the Park Station initiative underscores our commitment to addressing the demand for affordable housing in Woodlawn.
An important aspect of this project is its compliance with the Woodlawn Affordable Housing Ordinance, a regulation established after years of community-driven efforts aimed at preserving the neighborhood's existing residents. Under this ordinance, a minimum of 30 percent of apartments constructed on vacant, city-owned lots in Woodlawn must be designated as affordable for "very low-income households."
To break it down further, Park Station will reserve at least 17 apartments for residents with incomes below 50 percent of the area median income (AMI), equivalent to $46,600 annually for a four-person household. The remaining 24 affordable apartments will be accessible to those with incomes below 60 percent of the AMI, which amounts to $55,920 per year for a four-person household. Additionally, 15 apartments will be available at market rates.
Our Park Station development is poised to complement a total of $300 million in planned and completed developments near 63rd Street and Cottage Grove Avenue. These include the completed Woodlawn Station by Preservation of Affordable Housing in 2018, the Jewel-Osco store that opened in 2019, the ongoing Friend Health headquarters project, and the redevelopment of the Washington Park Bank building, which is currently in progress.
As part of the effort to rejuvenate and bolster the Woodlawn community, we are proud to offer affordable housing options while contributing to the overall growth and development of the neighborhood. Park Station embodies our dedication to creating sustainable, inclusive communities that cater to the needs of all residents.