CHICAGO-Developers of some of the newest multifamily construction in the Austin community since the 1960s will get $1.3 million in tax increment financing to help build 41 townhouse and condominium units. Lake and Waller, LLC will build 26 townhouses on land it already owns on the southwest corner of Race and Waller avenues, and 15 condominiums on city-owned land at the northwest corner of Lake Street and Waller Avenue.

In addition to pricing nine condominiums at rates deemed affordable to households earning less than the area median income, the partnership that includes former Chicago park district boss David Doig's GenOne Group will pay $196,500 for the city-owned lot, its most recent appraised value. Prices in the $13.2-million development will range from $181,500 for two-bedroom, two-bath condominiums under the city's affordable housing initiative to $350,000 for three-bedroom townhouses. The discounts on the nine affordable units total $390,000.

"We believe there is pent-up demand for market-rate housing in the Austin community," Doig says. "There's a lot of market activity around Austin." GenOne Group also is building the 27-unit Corcoran Condos less than two blocks west, across Austin Avenue from the village of Oak Park.

Designed by Papageorge/Haymes Ltd., the condominium building will resemble one in University Village at 14th and Halsted streets. The Chicago-based architectural firm also was involved in that development. The building on Lake Street will be built first, Doig says. After those units are sold, the developers will move north to build the townhouses.

"This new housing will add energy and new opportunity to our community," says 29th Ward Alderman Isaac S. Carothers. The tax increment financing and land sale were endorsed Tuesday by the community development commission. The developers got rezoning for the property last year to allow for their project.