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CHICAGO ~ Chicago Mayor Brandon Johnson joined city housing officials and developers to break ground on LeClaire Courts North Apartments, a mixed-income development planned for the former LeClaire Courts public housing site in Garfield Ridge.
The project at 4400-58 S. Cicero Ave. will add 138 homes: 124 affordable units and 14 market-rate units. The development will be split between a 110-unit North building and a 28-unit South building, with apartments ranging from studios to three-bedroom units. Affordable homes will be available to households earning 15% to 80% of the area median income.
The Habitat Company and Cabrera Partners are developing the project, which will also include about 16,500 square feet of commercial space. Chicago Commons, a nonprofit that provides early childhood education and services for seniors and vulnerable adults, is expected to lease about 14,000 square feet in the North building. A tenant has not yet been identified for the South building's approximately 2,500 square feet of retail space.
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The development is receiving $15 million in city financing, including $9.5 million in Department of Housing multifamily loan funds and $5.5 million in tax increment financing. Other financing partners include the Chicago Housing Authority, the Illinois Housing Development Authority and Bank of America. The project received an approximately $3.61 million allocation of 4% Low-Income Housing Tax Credits through the state housing authority, which is expected to generate about $34.29 million in equity.
Johnson said the project would put a site that had been vacant for 15 years back into use and support housing affordability and investment in Garfield Ridge. Department of Housing Commissioner Lissette Castaneda said the development would help families access affordable housing closer to jobs and services.
Future phases of the broader redevelopment are planned to include additional neighborhood-serving uses, including grocery and medical office development, according to the city.
The project at 4400-58 S. Cicero Ave. will add 138 homes: 124 affordable units and 14 market-rate units. The development will be split between a 110-unit North building and a 28-unit South building, with apartments ranging from studios to three-bedroom units. Affordable homes will be available to households earning 15% to 80% of the area median income.
The Habitat Company and Cabrera Partners are developing the project, which will also include about 16,500 square feet of commercial space. Chicago Commons, a nonprofit that provides early childhood education and services for seniors and vulnerable adults, is expected to lease about 14,000 square feet in the North building. A tenant has not yet been identified for the South building's approximately 2,500 square feet of retail space.
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The development is receiving $15 million in city financing, including $9.5 million in Department of Housing multifamily loan funds and $5.5 million in tax increment financing. Other financing partners include the Chicago Housing Authority, the Illinois Housing Development Authority and Bank of America. The project received an approximately $3.61 million allocation of 4% Low-Income Housing Tax Credits through the state housing authority, which is expected to generate about $34.29 million in equity.
Johnson said the project would put a site that had been vacant for 15 years back into use and support housing affordability and investment in Garfield Ridge. Department of Housing Commissioner Lissette Castaneda said the development would help families access affordable housing closer to jobs and services.
Future phases of the broader redevelopment are planned to include additional neighborhood-serving uses, including grocery and medical office development, according to the city.
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