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City Panel Approves $600M to Finish Cabrini
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RDL Architects
City officials are moving forward with approvals of an affordable housing development in Englewood that would arise alongside other improvements near the community’s traditional crossroads of 63
rd and Halsted streets.
The housing proposal would cover parcels along Halsted southwest of 61
st Street. The vacant land has been city-owned for decades. A Housing Department report said it has environmental challenges because a car repair and painting shop operated there long ago.
Officials have struck a deal with Keith B. Key Enterprises, a developer based in Columbus, Ohio. In a $20.9 million proposal, Key has agreed to build a five-story building containing 56 apartments, all but 16 subsidized to appeal to lower-income renters.
That deal is part of a broader agreement between the city and the group led by Chicago-based Farpoint Development, under which taxpayers will pay to rebuild the street grid on the long-fallow site with about five miles worth of new public rights of way and related utilities, sources said. While the team of city-selected developers, dubbed GRIT Chicago, will likely build out the new infrastructure, sources said the city is still mulling options including federal and city infrastructure funds, or a potential bond sale, to finance that work.
The financial arrangement which requires approval of the Community Development Commission and the full City Council stands to clear one of the last major public hurdles for the developers to begin work on a megaproject that would redraw a high-profile swath of the Near South Side lakefront with nearly 8 million square feet of buildings.