Last year was a pivotal year for Park Station, the 58-unit mixed-income, affordable luxury building proposed for E. 63rd Street and South Maryland Avenue. The construction financing closed in July with Berkadia, as syndicator, and BMO, as lender and investor, and the development and financing teams joined the community and political stakeholders in November to mark the official groundbreaking for the project.
Park Station, DL3’s first multifamily development, is also the first development project subject to the requirements of the Woodlawn Housing Preservation Ordinance, which is intended to protect existing residents from displacement and promote equitable and inclusive income diversity in Woodlawn. Designed by FitzGerald Architects and Brook Architecture, the building, a $31 million project situated near the Cottage Grove Green Line station, will offer spacious housing and desirable amenities to Woodlawn residents. With over 8,000 square feet of tenant amenity space, the property includes a fitness room, community room, business center, rooftop lounge, bike room, ground floor retail, community rooms and a business center run by local community organization Sunshine Enterprises.