Encuentro Square provides 89 affordable residences for families and individuals in rapidly gentrifying area near The 606 trail

Evergreen Real Estate Group, a leader in the development, construction and management of both affordable and market-rate multifamily properties, today announced the completion of 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.

“This development reflects Evergreen’s commitment to increasing affordable housing supply in desirable, infill locations where investment threatens to displace longtime residents,” said David Block, Director of Development for Evergreen Real Estate Group. “We’re grateful for the many public and private partners whose support was critical to getting this project across the finish line, ensuring area families can remain in Logan Square for generations to come.”

Block added, “In Spanish, encuentro means the act of coming together, so LUCHA and Evergreen chose this name because Encuentro Square represents the confluence of three neighborhoods, two developers and two general contractors. The site is located where the Logan Square, Hermosa and Humboldt Park neighborhoods connect, and the project was constructed by a large established general contractor, Leopardo Companies, which partnered with a burgeoning minority business enterprise general contractor, All Construction.”

“LUCHA’s work has always been to listen to our community and invest in projects that respond to those needs,” said Lincoln Stannard, Co-Executive Director of LUCHA. “Years ago, our neighbors and partner organizations had a dream that a former factory site could be transformed into a vibrant and sustainable affordable housing campus. Encuentro Square is the result of this collective vision, and it’s been an honor to work alongside Evergreen and an incredible project team to bring it to life.”

“My administration believes housing is a human right, and our support of Encuentro Square Apartments is an expression of our commitment to creating affordable, sustainable housing in the areas it is needed most,” said Chicago Mayor Brandon Johnson. “I am grateful to all our partners for investing in the vitality and growth of our communities as well as our residents’ ability to thrive.”

“Encuentro Square caps years of strategic planning to make Logan Square more affordable, more accessible and more responsive to the needs of residents,” said DPD Commissioner Ciere Boatright. “It’s been a journey. But like most worthwhile efforts, it’s ending at home – specifically for 89 households that now have an affordable place to live.”

“The Department of Housing is proud to have supported such a comprehensive development that is also rich in culture,” said DOH Managing Deputy Commissioner Tamra Collins. “With 89 families set to call these apartments their own, this project ensures long-term access to affordable housing, allowing residents to thrive, age in place and build a future for themselves, their families and their community.”

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.

Application information for apartments at Encuentro Square can be found at www.encuentrosquare.com or by contacting the Evergreen leasing team at encuentrosquare@evergreenreg.com or (773) 395-1150.

About Evergreen Real Estate Group:

Founded in 2001, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires, and manages affordable and market-rate multifamily apartments for both seniors and families across 13 states and the District of Columbia. Evergreen specializes in thoughtful, creative residential development solutions – from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages 13,400 units of multifamily housing. For more information, visit www.evergreenreg.com.