A groundbreaking was just held for Roosevelt Square Phase 3B, part of the master-planned 160 acre development. Formerly the site of the ABLA public housing project, Roosevelt Square is a multiphase, mixed-income development that will ultimately bring more than 2,000 new housing units to Chicago's Near West Side.
The project, Roosevelt Square, is the new construction, acquisition/rehabilitation, and adaptive reuse of 406 residential units and 10,000 square feet of commercial space across 42 buildings.
Phase 3B will include the following:
- Three new-construction mid-rise buildings
- Mix of one, two, and three-bedroom apartments
- 92 market rate apartments
- 80 apartments for families with CHA subsidies
- 50 affordable/workforce apartments
Included in this phase is the restoration of the last remaining Jane Addams building which will house the new National Public Housing Museum, including 15 apartment homes. As part of this phase, Related Midwest and partners are reinvesting in 184 existing affordable apartments that were built during Phase 1. The rehabilitated homes will be upgraded with:
- New flooring
- Modern cabinets
- Quartz countertops
- Stainless steel appliances
- New energy-efficient systems
The Chicago Defender states that Related Midwest collaborated with the architectural firms Moody Nolan and Landon Bone Baker (for 1002 S. Racine Ave.), DesignBridge (for 1257 and 1357 W. Roosevelt Rd.), HED and Landon Bone Baker (for 925 S. Ada St.), and Nia Architects (for the rehabilitation of Roosevelt Square Phase 1). About 74% of the architecture and engineering work was completed by minority and women-owned businesses.
The general contractor on the project is a group of 100% minority-led firms, including BOWA Construction, a Black-owned firm headed by Nosa Ehimwenman, which was integral to the AIA award-winning Street Apartments and Little Italy Branch Library and is currently building the luxury high-rise at 900 W. Randolph, The Row Fulton Market; Blackwood Group, a Latinx-owned firm led by Jose Duarte, and MIKK, which was instrumental on the Lathrop 1B development. Work on the apartments within the National Public Housing Museum building will be led by GMA Construction, a Black-owned MBE with extensive experience rehabbing residential developments throughout Chicago.
PR Newswire reports that to finance the proposed project, CIBC Bank USA, in partnership with BMO Harris Bank N.A. (BMO), provided two construction period loans via a 50/50 syndication with BMO serving as agent bank. The two construction period loans consist of a $76.25 million tax-exempt funding loan and a $15.75 million taxable construction loan. The banks also provided $52.9 million in equity generated by Low Income Housing Tax Credits and CIBC provided $2.25 million in equity generated by Illinois Donations Tax Credits.
These loans and investments will help with the rehabilitation of 38 existing walk-up style buildings containing 184 low-income housing tax credit (LIHTC) units and new construction of four multi-family buildings, along with retail space. The mixed-income buildings will include:
- 207 apartments
- 40 LIHTC units
- 75 public housing units which will convert to Section 8 units
- 92 market-rate units
- One of the buildings will also include 10,000 square feet of commercial space
- Rehabilitation of the last remaining building from the Jane Addams Homes Housing Development which will house the newly relocated National Public Housing Museum
In 2022, CIBC Bank USA provided over $245 million in financing and investments to more than 20 affordable housing projects in Chicago.
DataBid is currently reporting on this project - Roosevelt Square Redevelopment - Chicago (0032121815)
Databid is currently reporting on this project - Roosevelt Square NPHM Residences - Chicago (0095050521)
