"This is the most important thing coming to the lakefront south of McCormick Place," says plan commission member Leon Finney, among those voting unanimously Thursday to recommend approval of the project to the city council.
Construction is expected to begin next year, with the first units becoming available for occupancy in the fall of 2004, says 4th Ward Alderman Toni Preckwinkle.
About 60% of the units to be built by Oakwood Boulevard Associates will be rentals, including 126 earmarked as replacement housing for those displaced by the continuing demolition of the CHA projects. Oakwood Boulevard Associates is a partnership between Granite Developers, which will develop the rental portion of the development; and Thrush Realty, Inc., which will build the for-sale housing that will cost between $130,000 and $210,000 per unit. A third entity, Community Builders, will co-own the rental portion of the project with Granite Developers. The company has built 14,000 mixed-income housing units in the US and continues to manage 6,000, a company official tells the plan commission.
A federal Hope VI grant will pay $35 million of the cost of the project. Low-income housing tax credits, city HOME funds and money from the Federal Home Loan Bank are expected to enhance the financing package. The development team also is expected to seek tax increment financing, which would be leveraged to produce more private mortgage money.
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