CHA Board set to vote on funding for the long-awaited next phase at Lathrop
The Chicago Housing Authority (CHA) Board of Commissioners is scheduled to vote to approve funding for Phase IC of the Lathrop redevelopment at Tuesday’s Board Meeting. This long-awaited third phase will focus on the Lathrop South campus (south of Diversey Avenue) and will address all remaining vacant buildings on the Lathrop site.
As part of project, Lathrop Community Partners (CHA’s development partner) will rehabilitate seven existing historic buildings on the site, while three existing buildings will be demolished to add an accessible new construction building with an elevator, as well as additional parking and open space. The exterior of the “Powerhouse building” will also be renovated. Altogether, the project will add a total of 309 new or renovated mixed-income apartments to the campus.
These 309 apartments include 121 subsidized apartments for families from the CHA’s waitlist, 92 affordable and 96 market-rate apartments.
These rehabilitated or new apartments come in addition to the 488 apartments have already been delivered to the site during the award-winning earlier phases of construction, bringing the total number of apartments at Lathrop to 797.
“Lathrop was one of CHA’s original public housing sites. When this next phase of redevelopment is complete, we will be one step closer to completing our vision for the new Lathrop: a vibrant and sustainable mixed-income, mixed-use community where all families, including those who live in subsidized housing, feel welcome and can thrive,” said CHA CEO Tracey Scott.
CHA’s Board will be voting to approve a construction loan of up to $37 million towards the project. The total project cost is approximately $205 million. Lathrop Community Partners includes Related Midwest LLC and Bickerdike Redevelopment Corporation.
Final closing on funding and construction start are expected for the 4th quarter of 2024, with project completion at the end of 2026.