The high-rises on S. Lake Park Avenue between E. 40th Street and E. 42nd Place were demolished shortly after Preckwinkle was elected to the city council by 4th Ward voters in 1991. As a result of a 1996 court order, 120 of the 490 units will be set aside for public housing residents.

The project calls for an almost even mix of rental units and condominiums, which are further divvied up for public housing, affordable housing and market-rate. Of the for-sale units, 197 will be priced at market rates, 51 at affordable prices that meet city department of housing guidelines. Besides the 120 public housing units, another 71 will be affordable while 51 will be leased at market rates.

The units will be indistinguishable, but scattered among rowhouses, duplex townhouses, three-flats, six-flats, two eight-story buildings and a 14-story tower, according to plans by Lake Park Crescent LLC.

Draper & Kramer, which is managing construction as well as the entire property once development is finished, is finalizing financing, asset manager Brian Moore tells GlobeSt.com. He says the package will include a mortgage supported by the property's net operating income and tax increment financing receipts, a construction mortgage for the for-sale units, money from the CHA and US Department of Housing for the public housing units, city department of housing HOME funds, as well as smaller grants from the Federal Home Loan Bank and Illinois Housing Development Authority.

"Most of our financing is in place," Moore says, though details won't be final until the end of March, he predicts.

Moore also promised plan commission members the financing calls for the affordable units to be maintained as such for 40 years.