The City Council approved the sale of City-owned property at 437, 441-447 E 42 Place to KBM Holdings LLC for the construction of five three-story residential buildings, each containing three condominium units, totaling fifteen dwelling units. The property was offered for sale through the ChiBlockBuilder platform, which facilitates the sale of vacant City-owned land for market-rate development. The Department of Planning and Development selected KBM Holdings LLC, owned by Bonita Harrison, after evaluating project plans, financial feasibility, and public benefits. The purchase price for the City Property was determined by CBRE Group, Inc. to be $431,330, and the estimated project cost is $4,680,082. The sale is subject to deed restrictions requiring the construction of the project and compliance with the Affordable Requirements Ordinance, as the project includes more than ten dwelling units and receives City assistance through land sale. Conditions for closing include submitting final construction plans, obtaining all necessary permits and approvals, securing financing, and providing due diligence documents.