Trending...
- SacraPod Suites Unveils AI-Powered 'Work + Rest' Smart Hospitality Model for Retrofitting Underused Motels Across the U.S
- From Real Estate to Reel Power: H.L Woods Carves His Legacy as a Cutting-Edge Visionary Filmmaker
- Airwavz Solutions Appoints Monte Dube to Market Advisory Board to Strengthen Healthcare Wireless Strategy
CHICAGO — Today, Mayor Lori E. Lightfoot joined Alderwoman Jeanette Taylor, the Michaels Organization, DL3 Realty, and a host of community stakeholders to break ground on the Park Station Lofts. The new mixed-income, mixed-use, affordable living community in Chicago's Woodlawn neighborhood will occupy a city-owned property at the southeast corner of E. 63rd Street and S. Maryland Ave, which is currently vacant.
"I am thrilled to break ground on our first affordable housing development being realized under the Woodlawn Housing Preservation Ordinance," said Mayor Lightfoot. "The Park Station Lofts will answer many housing needs of the Woodlawn community while also delivering retail space, new streetscaping, jobs, and more to this area. Importantly, this development will ensure that the long overdue influx of targeted investments in Woodlawn does not displace residents, allowing everyone to benefit from this community enhancement."
The new development comprises 58 apartment homes, 41 of which will serve households earning between 30% and 60% of the Area Median Income (AMI), as well as 17 market-rate units. The Park Station Lofts are steps away from the University of Chicago and near the upcoming Obama Library Campus. Park Station is a transit-oriented development, located just 350 feet from the Cottage Grove Station of the CTA Green Line.
"Michaels is excited to expand our South Side presence with this community-driven development," said Greg Olson, Regional Vice President of Development at The Michaels Organization. "As a national leader in residential real estate, we are committed to leading the way for others to create housing solutions that Lift Lives."
More on illi News
Park Station is the first new development in the community to meet the requirements of the Woodlawn Affordable Housing Preservation Ordinance which was passed by the City Council in 2020 to proactively address the potential gentrification of the neighborhood due to the Obama Presidential Center. This ordinance, spearheaded by Alderman Jeanette Taylor and Alderman Leslie Hairston in consultation with community stakeholders, ensures affordable housing remains in Woodlawn by mandating affordability requirements on all rental and for-sale housing developed on City-owned residential land.
"The Park Station Lofts highlight the importance of the community-driven Woodlawn Affordable Housing Preservation Ordinance," said Alderwoman Jeanette Taylor, 20th ward. "I applaud that Michaels and DL3 are investing in my community and making Woodlawn a place where everyone can afford to live and thrive. I am excited to see the positive impact of this development for my community."
The Michaels Organization has been developing and managing affordable and mixed-income housing for almost two decades. The Park Station Lofts development is being developed in collaboration with Chicago-based DL3 Realty, a full-service real estate development firm committed to accelerating the transformation of emerging communities.
"DL3 is proud to partner with Michaels on Park Station Lofts, which is the first development to meet not just the letter but also the spirit of the Woodlawn Affordable Housing Preservation Ordinance," said Leon Walker, Managing Principal of DL3. "This development will provide high-quality, luxury housing to Woodlawn that is accessible to all residents."
More on illi News
Park Station's first floor will include approximately 3,500 square feet of retail, two live-work spaces, a management office, and a community amenity space. Woodlawn's Sunshine Enterprises will offer business development and wealth-building classes to local entrepreneurs in the building's business center. The apartments will be offered in 1- to 3-bedroom layouts and feature amenities such as designer cabinets, solid surface countertops, luxury vinyl plank flooring, and open floor plans.
Financing for the development includes Low Income Housing Tax Credit Equity in the amount of $19.4M, Tax Increment Financing (TIF) of $5M, and City of Chicago HOME funds of $6.5M. Commonwealth Edison is providing approximately $140,000 in funding through its Affordable Housing New Construction energy efficiency program. Equity and debt are provided to the project by tax credit syndicator Berkadia Affordable Housing Tax Credit Solutions with BMO Harris as the investor, construction lender, and permanent lender.
DL3 Realty has served as a co-developer partner in the project alongside Michaels Development while Michaels Management will serve as the property management company. FitzGerald Associates and Brook Architecture are the project architects and local joint venture partnership Ujamaa Construction/Brown & Momen will serve as the general contractor. Construction is expected to be complete by November 2023.
"I am thrilled to break ground on our first affordable housing development being realized under the Woodlawn Housing Preservation Ordinance," said Mayor Lightfoot. "The Park Station Lofts will answer many housing needs of the Woodlawn community while also delivering retail space, new streetscaping, jobs, and more to this area. Importantly, this development will ensure that the long overdue influx of targeted investments in Woodlawn does not displace residents, allowing everyone to benefit from this community enhancement."
The new development comprises 58 apartment homes, 41 of which will serve households earning between 30% and 60% of the Area Median Income (AMI), as well as 17 market-rate units. The Park Station Lofts are steps away from the University of Chicago and near the upcoming Obama Library Campus. Park Station is a transit-oriented development, located just 350 feet from the Cottage Grove Station of the CTA Green Line.
"Michaels is excited to expand our South Side presence with this community-driven development," said Greg Olson, Regional Vice President of Development at The Michaels Organization. "As a national leader in residential real estate, we are committed to leading the way for others to create housing solutions that Lift Lives."
More on illi News
- The Sessions Studios Secures $300 Million Commitment to Launch World-Class Studio and 15-Film Global Slate
- READY FOR NEW BUILDS – Pond & Waterfall Construction Season Starts Now!
- Generic Trade Marks 15 Years of Leveling the Trading Field for all Futures Traders
- HeyGears Achieves Breakthrough in Multi-Material Resin 3D Printing, Overcoming Bottlenecks in Dental Manufacturing
- Levata Acquires Logiscenter to Accelerate Growth in Enterprise IT and Data Capture Solutions
Park Station is the first new development in the community to meet the requirements of the Woodlawn Affordable Housing Preservation Ordinance which was passed by the City Council in 2020 to proactively address the potential gentrification of the neighborhood due to the Obama Presidential Center. This ordinance, spearheaded by Alderman Jeanette Taylor and Alderman Leslie Hairston in consultation with community stakeholders, ensures affordable housing remains in Woodlawn by mandating affordability requirements on all rental and for-sale housing developed on City-owned residential land.
"The Park Station Lofts highlight the importance of the community-driven Woodlawn Affordable Housing Preservation Ordinance," said Alderwoman Jeanette Taylor, 20th ward. "I applaud that Michaels and DL3 are investing in my community and making Woodlawn a place where everyone can afford to live and thrive. I am excited to see the positive impact of this development for my community."
The Michaels Organization has been developing and managing affordable and mixed-income housing for almost two decades. The Park Station Lofts development is being developed in collaboration with Chicago-based DL3 Realty, a full-service real estate development firm committed to accelerating the transformation of emerging communities.
"DL3 is proud to partner with Michaels on Park Station Lofts, which is the first development to meet not just the letter but also the spirit of the Woodlawn Affordable Housing Preservation Ordinance," said Leon Walker, Managing Principal of DL3. "This development will provide high-quality, luxury housing to Woodlawn that is accessible to all residents."
More on illi News
- Smart Resnse Unveils Smart Resnse(SRMS) Token-Powered AI Orchestration Platform to Revolutionize Multi-Billion Dollar Market
- Josh and Heidi Follow Up the Much Anticipated and Successful Launch of the "Spreading the Good BUZZ" Podcast with a Personal Request
- Startup Born of CTE + Depression Launches Japandi Supply House
- Revolutionary Blockchain Platform Okh Finance Announces Okh Finance(OKKH) Token Launch to Transform Global Asset Leasing Market
- Cover Girl Finalist Teisha Mechetti Questions Legitimacy of Inked Originals Competition, Demands Transparency
Park Station's first floor will include approximately 3,500 square feet of retail, two live-work spaces, a management office, and a community amenity space. Woodlawn's Sunshine Enterprises will offer business development and wealth-building classes to local entrepreneurs in the building's business center. The apartments will be offered in 1- to 3-bedroom layouts and feature amenities such as designer cabinets, solid surface countertops, luxury vinyl plank flooring, and open floor plans.
Financing for the development includes Low Income Housing Tax Credit Equity in the amount of $19.4M, Tax Increment Financing (TIF) of $5M, and City of Chicago HOME funds of $6.5M. Commonwealth Edison is providing approximately $140,000 in funding through its Affordable Housing New Construction energy efficiency program. Equity and debt are provided to the project by tax credit syndicator Berkadia Affordable Housing Tax Credit Solutions with BMO Harris as the investor, construction lender, and permanent lender.
DL3 Realty has served as a co-developer partner in the project alongside Michaels Development while Michaels Management will serve as the property management company. FitzGerald Associates and Brook Architecture are the project architects and local joint venture partnership Ujamaa Construction/Brown & Momen will serve as the general contractor. Construction is expected to be complete by November 2023.
0 Comments
Latest on illi News
- Pyro Marketing Opens New Digital Marketing Company in Saint Petersburg to Power Growth for Fitness and Ecommerce Brands
- Dr. John Salerno of Salerno Wellness Introduces Their New Full Body Capsule for Advanced LED Light Therapy Patient Treatments
- Digi 995 Expands Its Universe: All Three Novels Now Available in Paperback Worldwide
- Chicago: Mayor Brandon Johnson on Track to Hit Summer Youth Employment Goal with Almost 29,000 Young People Hired for Third Consecutive Year of Expanded Opportunities
- $14M Expansion Deal with Famed David Lloyd Highlights Rebrand of Sports, Entertainment and Gaming Innovation by AI Driven, Online Fan Engagement Co
- Heartfelt Dreams Foundation Launches Campaign to Build CHD Hospital
- Radarsign Tackles Intersection Safety with Launch of Grid-Free Solar LED Stop Sign
- Miami Real Estate Agent Drastically Increases Interest In Homes
- Adostics & Genmega Announce the Introduction of A-POD
- LIB and Nidec Rejoin Forces for Giant TH-0098 Temperature Humidity Test Chamber
- Digi 995 Audiobooks Officially Released: Fans Can Now Listen to the Complete Trilogy
- Naperville: Two Men Charged with Aggravated Street Racing
- Heritage at South Brunswick Offers Immediate Townhome Appointments and Special Mortgage Incentive Fast-Moving Sales
- NASA Collaborative Agreement for Supply of Thin-Film Solar Tech for Orbital Application to Advance Development of Thin-Film PV Power Beaming: $ASTI
- Exciting New Era of Sports, Entertainment & Gaming Innovation Spotlighted by Rebrand of Expanding AI Driven, Online Fan Engagement Company: SEGG Media
- Service Ninjas Debuts First-of-Its-Kind "Membership" Platform for Home Service Pros
- BIYA Forecasts 2025 Surge with ¥300M ($41.8 M USD) in Revenue and ¥25M Profit from Cloud Based HR Solutions: Baiya Intl. Group (N A S D A Q: BIYA)
- Paul E. Saperstein Co. Announces Geographic Expansion of Auction Services
- Celebrate National Beef Tallow Day with South Chicago Packing
- Florida Broker Bent Danholm Featured in the Daily Mail's U.S. Real Estate Coverage