Financing approved for Roosevelt Square Phase 3B housing, Chicago

The Roosevelt Square Phase 3B housing project on Chicago’s Near West Side has received funding from the City Council. The project is part of the renovation of the former CHA ABLA houses and part of the larger Roosevelt Square concept. The locations are 1002 S. Racine Ave, 1257 W. Roosevelt Rd, 1357 W. Roosevelt Rd, and 925 S. Ada St, spread across four properties.

Related Midwest, in conjunction with the Chicago Housing Authority, is the developer for the entire project. The building at 1002 S. Racine Ave, designed by Moody Nolan and Landon Bone Baker Architects, will have 67 apartments, 10,000 square feet of retail space and 33 parking spaces.

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Also Read: City Council Approves Humboldt Park, Chicago Housing Project

The next two buildings, located at 1257 W Roosevelt Road and 1357 W Roosevelt Road, were planned as sister buildings. Both will have six floors, with 70 residential apartments and 40 parking spaces each, and will be designed by DesignBridge. The 70 units in each project will be split between 29 CHA apartments at 20-60% AMI, 20 low-income units at 60-80% AMI and 21 market price units.

The last structure at 925 S. Ada St, which is now occupied by the last remaining building of the Jane Addams Homes, will be renovated and converted into 15 apartments as well as the National Public Housing Museum.

Learn more about the Roosevelt Square Phase 3B housing project

Bowa Construction, Brown and Momen and Blackwood Group will carry out the construction. As part of this location, 37 parking spaces will be provided. The mix of apartments will include five CHA apartments, five affordable units and five market-priced units, designed by Landon Bone Baker Architects and HED Architects.

$33 million construction loan, $27.5 million permanent loan, $16.5 million taxable term loan, $35.5 million CHA loan, $2.25 million CHA donation tax, $5 million vendor loan, $17 million in TIF and $43 million in low-income housing tax credits will fund the development of 180 million US dollars (LIHTC).

The city will sell all municipally owned lots for $1 each.

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