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A rendering of Englewood Thrive at 914 West 63rd Street on the South Side (Getty Images, Perkins & Will)

Developers have secured approval for a $56 million mixed-use development in Englewood.

The Chicago Plan Commision approved Englewood Thrive at 914 West 63rd Street on the South Side, Chicago YIMBY reported. DL3 Realty is planning a project that will rise at the corner of West 63rd Street and West 63rd Parkway.

Phase One of the Perkins & Will-designed project will include a six-story mixed-use building with 61 residential units, living and work spaces and 2,400 square feet of ground-floor retail. Ten units will be for people making 100 percent of the area median income, 40 will be for those earning 60 percent and 11 will be for those pulling in 50 percent.

The second phase calls for a five-story building with 47 affordable units and three live-work units that will run along West 63rd Parkway. It will connect to the first building via the lobby and will have a community gathering room, a fitness center and a bike room. Landscaping and plazas will also be added into the development.

The facade will include metal paneling and fiber cement and floor-to-ceiling windows that will provide natural light. The first phase is expected to cost $31 million and the second has a price tag of $25 million.

Plans call for a surface parking lot with 58 spaces that will run behind the L-shaped building complex and an additional seven parking spaces near the planned retail space.

DL3 Realty still needs to go before the Committee on Zoning and the City Council.

Noah Birk and Aaron Sklar of Chicago multifamily brokerage Kiser Group said Chicago’s South and West Sides are drawing interest from investors who are getting squeezed out of Sun Belt markets by rising interest rates.

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