After months of community meetings and criticism, the $43 million affordable apartment complex on 79th Street is ready to get underway. This is a joint venture between Imagine Group and Evergreen Real Estate Group for a two-building apartment complex on vacant land on the city's South Side.
The development will consist of:
- 58 total units of housing
- 8,500 square feet of retail
The Real Deal states that the apartment project will be funded by the Chicago Department of Planning and Development and will include:
- $18 million in Tax Increment Financing
- $18 million in Low-Income Housing Tax Credits
- $2.5 million Home Loan
- $180,000 land write-down
The first phase of the project at 757 W. 79th Street will feature:
- Five-story building with 30 apartments
- From one to three bedroom units
- 14 parking spaces
- 3,300 square feet of commercial space on the ground level that will be home to the non-profit K.L.E.O. Community Center as well as a second location for the Park Supper Club restaurant
According to Block Club Chicago, a second three-story building at 838 W 79th Street will include:
- 28 one to three-bedroom apartments
- 28 parking spots
- A commercial space operated by AYO Foods, a West African food producer
Rent for the apartments will be $925 to $1250 per month according to a news release from the city. NIA Architects and Ross Barney Architects redesigned the building to include two buildings with the parking and ground-level retail.
LOOKING FOR MORE MIXED-USE PROJECTS IN THE CHICAGO AREA?
Chicago Yimby reports that construction is expected to begin this year and could take about 18 months. The two buildings join other developments in the area including $11 million in streetscape improvements, a new $35 million Metra station, and other efforts to re-open grocery stores and provide better access to healthy foods.