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CHICAGO ~ Chicago's Auburn Gresham community celebrated the grand opening of a new affordable housing complex on 79th Street today. Mayor Brandon Johnson, along with city officials and community members, gathered to officially open the Auburn Gresham Apartments, a $47 million project that aims to provide affordable housing options for residents.
In his speech, Mayor Johnson expressed his excitement for the growth and development that this project will bring to the South Side of Chicago. "The investments we are seeing today on the South Side will ensure that Chicago continues to grow and thrive, not just today, but for generations to come," he said. He also emphasized the importance of attracting people, businesses, and jobs to Chicago's South and West Sides.
The project was a joint venture between minority-owned developer Imagine Group and Evergreen Real Estate Group. It includes two buildings constructed on former City-owned land. The first building, located at 757 W. 79th St., is a five-story structure with 30 one- to three-bedroom apartments, 14 parking spaces, and 3,300 square feet of commercial space. The second building at 838 W. 79th St. is a three-story building with 28 one- to three-bedroom apartments, 28 parking spots, and 5,200 square feet of commercial space.
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All apartments in both buildings are priced at affordable levels for households earning 60% of Area Median Income. This means that monthly rental rates range from $995 to $1,600 per month.
The project was made possible through a Request for Proposals (RFP) issued by the Department of Planning and Development (DPD) in 2020. The goal was to revitalize City land along the 79th Street commercial corridor with new uses that would benefit the community. After multiple community meetings and input from residents, the initial proposal for one building was refined into two buildings with additional units.
The project was designed by Ross Barney Architects and Nia Architects, with GMA Construction Group as the general contractor. Commissioner Ciere Boatright of the Department of Planning and Development (DPD) expressed her excitement for the project, stating that it will bring new life to vacant land and support other neighborhood investments that are essential to the area's needs.
The City of Chicago provided significant support for the project, including $18 million in Tax Increment Financing, $21 million in Low Income Housing Tax Credit equity, $7.3 million in Chicago Recovery Plan funding, and a land write-down of approximately $180,000.
The Auburn Gresham Apartments are a testament to the city's commitment to providing affordable housing options for its residents while also revitalizing communities and promoting economic growth. This project is just one step towards a brighter future for Chicago's South Side.
In his speech, Mayor Johnson expressed his excitement for the growth and development that this project will bring to the South Side of Chicago. "The investments we are seeing today on the South Side will ensure that Chicago continues to grow and thrive, not just today, but for generations to come," he said. He also emphasized the importance of attracting people, businesses, and jobs to Chicago's South and West Sides.
The project was a joint venture between minority-owned developer Imagine Group and Evergreen Real Estate Group. It includes two buildings constructed on former City-owned land. The first building, located at 757 W. 79th St., is a five-story structure with 30 one- to three-bedroom apartments, 14 parking spaces, and 3,300 square feet of commercial space. The second building at 838 W. 79th St. is a three-story building with 28 one- to three-bedroom apartments, 28 parking spots, and 5,200 square feet of commercial space.
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All apartments in both buildings are priced at affordable levels for households earning 60% of Area Median Income. This means that monthly rental rates range from $995 to $1,600 per month.
The project was made possible through a Request for Proposals (RFP) issued by the Department of Planning and Development (DPD) in 2020. The goal was to revitalize City land along the 79th Street commercial corridor with new uses that would benefit the community. After multiple community meetings and input from residents, the initial proposal for one building was refined into two buildings with additional units.
The project was designed by Ross Barney Architects and Nia Architects, with GMA Construction Group as the general contractor. Commissioner Ciere Boatright of the Department of Planning and Development (DPD) expressed her excitement for the project, stating that it will bring new life to vacant land and support other neighborhood investments that are essential to the area's needs.
The City of Chicago provided significant support for the project, including $18 million in Tax Increment Financing, $21 million in Low Income Housing Tax Credit equity, $7.3 million in Chicago Recovery Plan funding, and a land write-down of approximately $180,000.
The Auburn Gresham Apartments are a testament to the city's commitment to providing affordable housing options for its residents while also revitalizing communities and promoting economic growth. This project is just one step towards a brighter future for Chicago's South Side.
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