CHICAGO (CBS) — Crews broke floor Wednesday morning on a brand new $43 million mixed-use inexpensive housing improvement within the Auburn Gresham neighborhood.
The 58-unit Auburn Gresham Apartments venture alongside 79th Street is being funded largely by $18 million in tax increment financing, $18 million in low-income housing tax credit, a $2.5 million metropolis mortgage, and a donation of metropolis land as a part of the INVEST South/West initiative.
The venture from a three way partnership of Imagine Group and Evergreen Real Estate Group will redevelop two vacant websites. The first, at 79th and Green, might be a three-story constructing with business and retail area on the bottom degree, 28 inexpensive residences, and 28 parking spots. The second, at 79th and Halsted, might be five-story constructing with 3,300 toes of business area, 30 inexpensive residences, and 14 parking areas.
All of the residences in each buildings can have rents starting from $925 to $1,250 per thirty days.
Mayor Lori Lightfoot mentioned the venture has been a very long time coming for the group.
“They are seeing the transformation that has been talked about, that we’ve engaged with them about, that is now happening right as we speak,” she mentioned at Wednesday’s groundbreaking.
Construction on the venture is predicted to take about 18 months.
When the venture is accomplished, each websites can have murals created by Chicago artist Rahmaan Statik, who additionally has created murals alongside railroad viaduct partitions at 87th and Vincennes, on the Hard Rock Café in River North, Overton Elementary at forty ninth and Indiana, and dozens of different websites in Chicago, the suburbs, Indiana, and Wisconsin.