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Officials celebrate the grand opening of Oso Apartments on Oct. 10.
From left: Emmanuel Kinard (IFF), 35th Ward Ald. Carlos Ramirez-Rosa, Eric Meyer (Evergreen Real Estate Group), David Block (Evergreen Real Estate Group), Andre Pintauro (Evergreen Construction Company), Dalia Aragon (North River Commission), Jaime Torres Carmona (Canopy Architecture + Design), Thomas Applegate (North River Commission), Wendell Harris (CCLF) and Jewell Walton (CHA). |
CHICAGO, IL — Evergreen Real Estate Group, in partnership
with the Chicago Housing Authority, has announced the completion of Oso Apartments, a
48-unit affordable rental community at 3435 W. Montrose Ave. in Chicago’s
Albany Park neighborhood.
The developer was joined by 35th Ward
Ald. Carlos Ramirez-Rosa and officials from the Chicago Housing
Authority, Illinois Housing Development Authority and North River
Commission at a ribbon-cutting event on Oct. 10.
“Oso Apartments is a welcome addition to Albany
Park, providing beautiful and dignified affordable housing that was so
desperately needed,” said Ald. Ramirez-Rosa.
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| Carlos Ramirez-Rosa |
“In 2017, the Institute for
Housing Studies at DePaul University identified Albany Park as one of the
communities with the highest displacement pressure in the city of Chicago,
where rising rents were pushing more and more working people out.
The community came together
with unanimous support for the project, and it was made possible by the
developers and other partners who showed that they have a heart. The result is
this wonderful housing for working families.”
Located at the southwest corner of Montrose Avenue and Bernard
Street, on land that was formerly vacant, the new five-story building has 32
one-bedroom and 16 two-bedroom apartments, which are nearly fully occupied.
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| David Block |
Of the 48 apartments, 32 are set aside for CHA residents.
Fourteen units are reserved for households earning up to 60% of the area median
income, while the remaining two units are reserved for households
earning up to 50% of AMI.
“The completion of Oso Apartments is a significant achievement, as
it shows how previously underutilized sites can be reimagined as thoughtfully
designed housing that supports the economic diversity of our city,” said David
Block, director of development at Evergreen Real Estate Group.
“We still have a long way to go in addressing
Chicago’s affordable housing shortage, but this project and nearby developments
like the Independence Apartments and Independence Branch Library represent
progress in our mission of creating and preserving housing that allows
neighbors to stay in their existing neighborhoods.”
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| Jewell Walton |
The $10 million project was funded, in part, with federal
low-income housing tax credits and trust funds from the Illinois Housing
Development Authority.
Other financing partners
included the Chicago Housing Authority, ComEd Energy Grant, US Bank
and Citi Bank.
“CHA has been committed to building strong,
vibrant communities throughout this great city. This is an example of that
commitment,” said Jewell Walton, deputy chief of the CHA’s Rental
Assistance Demonstration (RAD) program.
“This beautiful new building
was made possible through project-based vouchers that support developments
through long-term affordability. It’s another tool we use to reiterate our
pledge to deliver greater housing opportunity to all of Chicago’s 77 community
areas.”
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| Andre Pintauro |
IHDA Multifamily Financing Director Christine Moran added, “The
Illinois Housing Development Authority was pleased to partner with Evergreen
Real Estate Group and the city of Chicago to transform a vacant lot into a new,
modern and affordable rental community.
This is an impactful development that will add
diversity and depth to the local housing stock, helping the Albany Park area
remain affordable and accessible as the neighborhood continues to grow.”
On-site amenities at Oso include a public plaza at the
corner of Montrose and Bernard, as well as a smaller landscaped area for
residents, located on the west side of the property.
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| Christine Moran |
In addition, Oso
offers a large community room, which can be subdivided into two separate rooms,
as well as a lobby with seating area, in-building laundry, bike and tenant
storage, and 22 surface parking spaces.
Evergreen Construction Company, a division of Evergreen Real
Estate Group, served as general contractor on the project, which was delivered
in less than 12 months.
“As
a result of our processes and vertically integrated team, we delivered
Oso on time and under budget,” said Andre Pintauro, president of Evergreen Construction Company.
“Our
experience as a developer informs our work as a general contractor,
streamlining everything from pre-construction planning, to procurement of
materials — which has become more important than ever amid rising
construction costs — to execution of the vision shared by project partners
and community stakeholders.”
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| Oso Apartments, 3435 W. Montrose Avenue, Albany Park neighborhood, Chicago, IL, located from CTA bus stops along Montrose and Kimball avenues and a half-mile south of the Kimball Brown Line station. |
Designed by Chicago-based Canopy Architecture + Design, Oso
Apartments features a textured concrete façade with bright yellow metal accents.
The entrance includes an art wall featuring a
mural design by Chicago artist Miguel A. Del Real.
“The mural runs from inside the lobby
outside to the exterior wall,” said Pintauro. “The artist has completed
the interior portion of the mural – a large, bright, colorful work that depicts
bees, flowers and honeycombs.
"The theme ties in with the building’s
name, Oso, which means bear in Spanish, and the love bears have for honey. The
yellow metal accents on the building’s exterior resemble honeycombs as well.
It’s a fun way to incorporate a story and pops of color into the building
design.”
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| Miguel A. Del Real |
Residences at Oso feature
plank flooring, windows with perforated sun shades, kitchens with wood
cabinetry and stainless steel appliances, and baths with a beveled subway tile
shower surround.
Four corner units
have floor-to-ceiling windows in the main living area, while the remaining
apartments have Juliet balconies.
“Oso has a hip,
urban vibe, with exposed concrete flooring and walls in parts of the
first-floor common spaces and in hallways on each floor, as well as exposed
pipes in residences,” said Pintauro.
The Montrose Blue Line station, which provides
access to downtown and O’Hare International Airport, is a 10-minute drive and
accessible via the No. 78 bus.
Evergreen Real Estate Services LLC is leasing and managing Oso.
