HomeNewsFinancing approved for Roosevelt Square Phase 3B housing, Chicago

Financing approved for Roosevelt Square Phase 3B housing, Chicago

The Roosevelt Square Phase 3B housing project on the Near West Side, Chicago, has received financing from the City Council. The project is part of the renovation of the old CHA ABLA Homes and is part of the wider Roosevelt Square concept. The locations are 1002 S. Racine Ave, 1257 W. Roosevelt Rd, 1357 W. Roosevelt Rd, and 925 S. Ada St, which are spread among four properties.

Related Midwest, in collaboration with the Chicago Housing Authority, is the developer behind the entire scheme. The building at 1002 S. Racine Ave, designed by Moody Nolan and Landon Bone Baker Architects, will have 67 apartments, 10,000 square feet of retail space, and 33 parking spaces.

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The following two constructions, located at 1257 W Roosevelt Road and 1357 W Roosevelt Road, have been planned as sister buildings. Both will be six floors tall, with 70 residential apartments and 40 parking spots each, and will be designed by DesignBridge. Each project’s 70 units will be divided between 29 CHA flats at 20-60% AMI, 20 low-income units at 60-80% AMI, and 21 market-rate dwellings.

The last structure at 925 S. Ada St, which is now occupied by the last remaining building from the Jane Addams Homes, will be renovated and transformed into 15 flats as well as the National Public Housing Museum.

More on the Roosevelt Square Phase 3B housing project

Bowa Construction, Brown and Momen, and Blackwood Group will carry out the construction. As part of this location, 37 parking spots will be supplied. The apartment mix will include five CHA flats, five affordable dwellings, and five market-rate units, designed by Landon Bone Baker Architects and HED Architects.

A US$33 million construction loan, a US$ 27.5M permanent loan, a US$ 16.5m taxable term loan, a US$ 35.5M CHA loan, a US$ 2.25M CHA donation tax credit loan, a US$ 5M seller loan, US$ 17m in TIF, and US$ 43M in Low-Income Housing Tax Credits will fund the US$ 180M development (LIHTC).

The city will sell all required municipal-owned lots for US$ 1 each.

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