CHA, partners break ground on Clark-Estes Apartments on site of former theater
CHICAGO (Oct. 15, 2018) – The Chicago Housing Authority was joined by the City of Chicago’s Department of Planning and Development, 49th Ward Ald. Joe Moore and Ross Financial Services Friday for the groundbreaking of Clark-Estes Apartments, a mixed-use development that will be built on the site of an old theater in the Rogers Park community.
Clark-Estes will be a new, four-story family development at 1763 W. Estes and will include 54 residential units – 15 of which will be assisted by CHA’s Property Rental Assistance (PRA). The site is designated as a General Area and is less than one block from an Opportunity Area. It is the site of the former Adelphi Theater.
“We’d like to thank the City’s Department of Planning and Development, Ross Financial Services and Ald. Joe Moore for his strong support for affordable housing on the North Side of Chicago,” CHA CEO Eugene E. Jones, Jr. said. “Clark-Estes Apartments reiterates CHA’s commitment to providing affordable housing opportunities across the City of Chicago. We are excited to bring this resource to Rogers Park where our households will benefit from a vibrant residential and retail community with great access to transportation, schools and recreational areas.”
City support includes $1.7 million in Low Income Housing Tax Credits that will generate $15.8 million in equity for the $18.8 million project.
“The project will help ensure that housing in Rogers Park continues to serve a broad range of incomes, which is a key component of the City’s affordability goals,” said David Reifman, commissioner of the Chicago Department of Planning and Development.
Ald. Moore said: "This development is just another example of my commitment to keep the 49th Ward affordable and diverse. I thank the CHA for their assistance in providing my neighborhood with 54 brand new affordable homes."
Ross Financial Services, Inc. is the managing partner and will provide property management services. It is a private owner and management company of affordable properties in Illinois, California and South Carolina.
“Clark Estes Apartments is a crucial project in achieving CHA’s commitment to increasing affordable housing options on the North Side of the city,” said Douglas B. Ross, President of Ross Financial Services. “This affordable, transit-oriented development will bring 54 units of new, quality housing to the diverse and vibrant Rogers Park neighborhood.”
The Clark Estes Apartments will be located on a strong commercial artery and will be surrounded by a thriving residential and business community. Residents will have access to the community courtyard with an outdoor patio.
Twenty parking spaces will be available on site.
Clark-Estes Apartments will seek the Enterprise Green Communities certification, which will include Energy Star appliances, windows and light fixtures. The first floor of the building will offer 3,350 square feet of retail space, as well as a community room and office space.