A new US$ 43M Chicago Auburn Gresham Apartments is set for construction in the Auburn Gresham neighborhood.
The project is developed by Crews. It is supported by US$ 2.5M in city loans and US$ 18M in tax increment financing. In addition, the 58-unit project on 79th Street will also benefit from US$ 18M in low-income housing tax credits. Furthermore, it enjoys a grant of city property as part of the INVEST South/West program.
Noteworthy, Auburn Gresham Apartments is the first INVEST South/West project to receive approval from the City Council. It is also the first to secure both land entitlements and financing.
Also Read: Greystar’s One Six Six development tops off in Chicago
Scope of the project
As part of the Chicago Auburn Gresham Apartments project, two vacant plots will be renovated. The first will be a three-story structure with 28 affordable apartments and 28 parking spaces. Moreover, it will have commercial and retail spaces on the first floor at 79th and Green.
The second structure, on the other hand, will have five stories, 3,300 square feet of commercial space, 30 affordable apartments, and 14 parking spaces. It will be located at 79th and Halsted. A partnership between Imagine Group and Evergreen Real Estate Group will build these two plots. The project’s construction is anticipated to last roughly 18 months.
Rents in both buildings will range from $925 to $1,250 per month for every apartment.
A long overdue initiative
The Chicago Auburn Gresham Apartments project, according to Mayor Lori Lightfoot, has been long overdue for the Auburn Gresham neighborhood. At the groundbreaking, Lightfoot said that the locals are experiencing the transformation that has been talked about.
“As soon as we learned about INVEST South/West, we knew we wanted to be a part of this revolutionary community development program. The program will aid Auburn Gresham and many other communities in need of improvements on the social, economic, and quality-of-life fronts.
The Chicago Auburn Gresham Apartments advance the vision outlined by Mayor Lightfoot and shared by our team. It is also of equal significance to the numerous community stakeholders who assisted in shaping this development,” commented Torrey Barrett. Barrett is the Inmagine Group principal.
