However, affordable housing for those in the middle-income range will come from a land deal struck between the city and O'Flaherty Builders Inc. The developer will build a 16-unit condominium building on a 15,000-sf site at 4837-43 N. Winthrop St. with prices of $140,000 to buyers meeting income eligibility requirements of the Chicago Partnership for Affordable Neighborhoods Program.
In exchange, O'Flaherty Builders will get a city-owned lot at 4738-50 N. Winthrop St. for $170,000. However, that will not happen until all of the 16 units at 4837-43 N. Winthrop St. are claimed by buyers participating in the CPAN program, according to a deal recommended by the city council's committee on housing and real estate.
"It's been a long time coming to turn this lot into affordable housing," Shiller says. "This gives us an opportunity to create a truly mixed-income on the block."
The purchase price represents the difference in value between the two lots on opposite sides of Lawrence Avenue. The city-owned lot south of Lawrence Avenue is worth $1.07 million, while the land being used for the affordable condominiums is worth $900,000, according to appraisals.
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