$41 Million Affordable Apartment Project Approved for Lake and Kedzie

$41 Million Affordable Apartment Project Approved for Lake and Kedzie

A 51-unit, transit-oriented development project will replace vacant City land adjacent to East Garfield Park's Kedzie Green Line station through financial incentives approved by City Council today.

Planned by the Michaels Organization, KMW Communities and TRUDelta Real Estate for 136 N. Kedzie Ave., the $40.6 million HUB32 project will be supported with a $14.5 million Tax Increment Financing loan and a $10 million multi-family loan in coordination with the Department of Housing (DOH). The three City lots, collectively valued at $330,000, will be sold for $1 each.

DOH previously allocated $1.75 million in Low Income Housing Tax Credits that will generate approximately $15.6 million in equity for the project.

All of building's one- to three-bedroom units will be made available to households earning between 30% and 80% of the area's medium income. The project also includes 3,800 square feet of ground-floor retail space and interior parking for 12 cars and 26 bicycles.

The project was selected from more than 30 responses to a Department of Planning and Development Request for Qualifications to redevelop the .43-acre site, which was largely vacated in the 1970s and owned by the City since the 1990s.

The project is expected to generate approximately 300 construction jobs and 11 permanent jobs when fully occupied.