Upper and lower bounds for the typical storage capacity of a constructive algorithm, the Tilinglike Learning Algorithm for the Parity Machine [M. Biehl and M. Opper, Phys. Rev. A 44 6888 (1991)], are determined in the asymptotic limit of large training set sizes. The properties of a perceptron with threshold, learning a training set of patterns having a biased distribution of targets, needed as an intermediate step in the capacity calculation, are determined analytically. The lower bound for the capacity, determined with a cavity method, is proportional to the number of hidden units. The upper bound, obtained with the hypothesis of replica symmetry, is close to the one predicted by Mitchinson and Durbin [Biol. Cyber. 60 345 (1989)].