CHA Board approves funding for key redevelopment projects at Roosevelt Square, Parkside of Old Town

October 18, 2017 01:18 AM
 

Press contacts:
Office of Communications – Chicago Housing Authority
Molly Sullivan: (312) 786-3344; msullivan@thecha.org
Matthew Aguilar: (312) 935-2646; maguilar@thecha.org

CHICAGO (Oct. 17, 2017): The Chicago Housing Authority Board of Commissioners today approved funding for two key redevelopment projects that illustrates its continuing commitment to providing the City of Chicago with more affordable housing opportunities. They include new apartments with a co-located Chicago Public Library (CPL) branch in the Little Italy neighborhood and the final phase of a mixed-income community on the former Cabrini-Green property.

The Board authorized $15.8 million for the development of the Taylor Street Apartments and CPL branch library at 1340 W. Taylor St. that is part of the ongoing redevelopment at Roosevelt Square. The board also approved a $1.1 million Predevelopment Loan Agreement for the third and final phase of Parkside of Old Town, 465 W. Division St., on the Near North Side.

“I made a promise when I arrived to aggressively pursue redevelopment activities and to provide the city of Chicago with more affordable housing opportunities, and we have kept that promise,” said CHA CEO Eugene Jones, Jr.

The Taylor Street Apartments and CPL branch library is a mixed-use, mixed-income project located at the northwest corner of Taylor and Ada streets in Little Italy. Taylor Street Apartments will be comprised of 73 residential units, including 37 CHA units, 29 affordable units and seven market rate units.

The first floor of the building will contain the new 16,000-square foot library, which will include an early learning area for children, a YOUmedia Digital lab, and community meeting and study rooms.

The CHA/CPL developments are designed to revitalize vacant property by combining affordable housing with a community amenity. The residential portion of each project will create mixed-income housing options, while the branch library portions will offer reading resources and programs for area children, families and building residents.

The architect for each project was the winner of a design contest co-hosted by the City’s Department of Planning and Development, CPL and CHA last winter. Each winner was paired with a developer that will work with community stakeholders to create a design that meets each community’s needs.

The other two co-located library projects are branches in Irving Park and West Ridge.

The Board also authorized to enter into a Predevelopment Loan Agreement for Parkside III at Parkside of Old Town.

Holsten Real Estate Development Corporation and the Cabrini Green LAC Community Development Corporation are proposing a 190-unit mixed-income project in the Near North area. This is the final phase of the Parkside of Old Town development and will fulfill the commitment of units made to the CHA under the Master Development Agreement.

Building types include a seven-story midrise (69 units), two three-story walk-up buildings (nine and 24 units) and 88 townhome units. The project consists of 54 public housing, 44 affordable and 92 market-rate units.