Bickerdike Secures $73M Approval For 90 Affordable Apartments In Chicago

• 5853 N. Broadway, Chicago, IL, is the site of a planned 90-unit affordable housing development by Bickerdike Redevelopment Corporation, replacing a city-owned Streets and Sanitation depot in Edgewater.
• The $72.8 million project will deliver an 11-story building with 30 one-bedroom, 50 two-bedroom and 10 three-bedroom apartments, all designated as affordable.
• Chicago approved a funding package that includes $18.5 million in tax-exempt bonds, $22 million in tax increment financing (TIF) and $9.8 million in HOME funds. The city-owned property will be sold to the project for $1.

What Bickerdike Is Building On Broadway

Bickerdike Redevelopment Corporation is advancing an affordable housing development near Broadway Armory Park and the Thorndale CTA Red Line station. The project will replace an underused municipal service yard with a new residential building in Chicago's Edgewater neighborhood. The 11-story building, designed by LBBA Architects, will rise approximately 128 feet and feature a three-story base along Broadway, with the taller residential section set back above it. The redevelopment is intended to expand affordable housing options near public transportation.

What The 90 Apartments Will Include

The development will offer 30 one-bedroom apartments, 50 two-bedroom apartments and 10 three-bedroom apartments. All 90 homes will be affordable, with 85 reserved for households earning up to 60% of area median income and five for households earning up to 30% of AMI. Planned amenities include a community room, on-site management offices, outdoor resident space and a fourth-floor rooftop terrace. The design also incorporates bicycle parking and green features, including a green roof and infrastructure intended to support future electric vehicle charging.

What The $72.8M Funding Package Covers

The Chicago City Council approved public financing to help close the project's development budget. The package includes $18.5 million in city-issued tax-exempt bonds, $22 million in TIF assistance and $9.8 million in HOME funds, alongside other funding sources. The city will also sell the publicly owned site to the project for $1, allowing the development to repurpose land currently used for municipal operations. The financing approval moves Bickerdike closer to closing the project's financial package and proceeding toward construction.

What The Transit-Oriented Location Offers

The site sits less than two blocks from the Thorndale Red Line station and near Broadway Armory Park. Its transit access supports a development model that emphasizes affordable housing in an established neighborhood rather than requiring residents to rely entirely on private vehicles. For Chicago, the project adds affordable homes in an area where rising housing costs have put pressure on lower-income renters. For investors and developers, it demonstrates how city-owned land, public financing and nonprofit development partnerships can help deliver housing that may not be feasible at conventional market rents.

What Comes Next For 5853 N. Broadway

With City Council funding approval secured, Bickerdike can move toward finalizing financing and preparing for construction. An official construction start date has not been announced. The project is another example of Chicago using public land and financing tools to expand affordable housing near transit.