Related Midwest recently opened three new residential buildings in Phase 3B of Roosevelt Square, the developer’s 67-acre multiphase redevelopment on Chicago’s Near West Side.
Developed in partnership with the Chicago Department of Housing and CHA, the latest phase adds 207 mixed-income apartments, including 75 public housing, 40 affordable and 92 market-rate units, and 10,000 square feet of retail space to the former ABLA Homes site.
The new buildings, located at 1002 S. Racine Ave., 1257 W. Roosevelt Road and 1357 W. Roosevelt Road, offer a mix of studio, one-, two- and three-bedroom units. The project was supported by an investment of $17 million in Tax Increment Financing (TIF) and $2.5 million in Donation Tax Credits. The city of Chicago also supported the project by issuing $76.25 million in tax-exempt bonds, which generated $5.29 million in 4% Low-Income Housing Tax Credits. The redevelopment received approximately $101.04 million in public investment and financial support.
Designed by Chicago-based DesignBridge, Phase 3B construction was led by BOWA Construction, Blackwood Group, MIKK and GMA.
Photo credit: Moody Nolan
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