Located on the site of the former Cabrini-Green housing project, Elm 551 shifts the old high-rise public housing model to one of modern midrise and low-rise mixed-income housing. Although it was considered home to nearly 15,000 people at its peak, Cabrini Green was infamous for crime and poor living conditions, and despite its proximity to downtown, physical and psychological isolation for residents. As a long-awaited part of the Chicago Housing Authority’s “Plan for Transformation”, Elm 551 addresses social barriers through lower-density development, income diversity, optimistic design, and amenities that foster a strong sense of community. Led by Holsten Real Estate Development Corporation and the Local Advisory Council of Cabrini residents, the plan includes approximately 18 acres on the city’s Near North Side and will provide more than 700 homes over several phases.

Completed in 2016, Terrace 459 is LBBA's first phase at Parkside of Old Town. The phases' two buildings contain 36 units of replacement housing for former Cabrini residents, 27 affordable units, and 43 market-rate units. Phase 2, Elm 551, was completed in 2021 and includes 102 units across one midrise building and two walk-ups. 

Parkside of Old Town's latest phase brings four new buildings to the development, contributing 99 additional units. Three walk-up buildings offer varied floor plans ranging from studios to four-bedroom units, while an eight-story midrise provides 69 apartments.