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CHICAGO ~ # Parkside Phase 5 Opens in Chicago's Cabrini-Green Community
Chicago Mayor Brandon Johnson and community leaders have opened Parkside Phase 5, a $65.8 million mixed-income development bringing 99 homes to the city's Near North Side.
The project includes an eight-story building with attached townhomes and three walk-up buildings. Of the 99 homes, 65 are affordable and 34 are market-rate. The affordable homes include 37 Chicago Housing Authority replacement units supported by project-based vouchers, plus 28 units for households earning 50% to 60% of the area median income.
The development offers nine studio apartments, 28 one-bedroom units, 27 two-bedroom units, 27 three-bedroom units and eight four-bedroom units. Amenities include a community room, garden, fitness center, dog park and about 70 parking spaces.
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At the ribbon-cutting, Johnson described the project as part of efforts to reinvest in communities affected by past housing policies and expand access to affordable homes and homeownership.
CHA Chief of Staff Kamena Brooks said the development recognizes Cabrini-Green's history while creating new housing and opportunities for current and future residents. Holsten Human Capital Development Executive Director Jackie Taylor Holsten said the project reflects a long-running commitment to inclusion and community.
The city contributed $16.4 million in Near North Tax Increment Financing assistance and up to $4.25 million through the Department of Housing's multifamily program. A federal tax-credit allocation is expected to generate about $17 million in equity. The CHA contributed approximately $32.5 million, including an $11.5 million capital loan and projected operating subsidies over 20 years for the 37 CHA-assisted homes.
The development team includes Holsten Real Estate Development Corporation, Cabrini-Green LAC Community Development Corporation, Parkside Associates, GMA and VOSB, and Landon Bone Baker & Brook Architecture.
Chicago Mayor Brandon Johnson and community leaders have opened Parkside Phase 5, a $65.8 million mixed-income development bringing 99 homes to the city's Near North Side.
The project includes an eight-story building with attached townhomes and three walk-up buildings. Of the 99 homes, 65 are affordable and 34 are market-rate. The affordable homes include 37 Chicago Housing Authority replacement units supported by project-based vouchers, plus 28 units for households earning 50% to 60% of the area median income.
The development offers nine studio apartments, 28 one-bedroom units, 27 two-bedroom units, 27 three-bedroom units and eight four-bedroom units. Amenities include a community room, garden, fitness center, dog park and about 70 parking spaces.
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At the ribbon-cutting, Johnson described the project as part of efforts to reinvest in communities affected by past housing policies and expand access to affordable homes and homeownership.
CHA Chief of Staff Kamena Brooks said the development recognizes Cabrini-Green's history while creating new housing and opportunities for current and future residents. Holsten Human Capital Development Executive Director Jackie Taylor Holsten said the project reflects a long-running commitment to inclusion and community.
The city contributed $16.4 million in Near North Tax Increment Financing assistance and up to $4.25 million through the Department of Housing's multifamily program. A federal tax-credit allocation is expected to generate about $17 million in equity. The CHA contributed approximately $32.5 million, including an $11.5 million capital loan and projected operating subsidies over 20 years for the 37 CHA-assisted homes.
The development team includes Holsten Real Estate Development Corporation, Cabrini-Green LAC Community Development Corporation, Parkside Associates, GMA and VOSB, and Landon Bone Baker & Brook Architecture.
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