Half of the $50 million will pay for public improvements and demolition of more than 16 buildings in the former Stateway Gardens public housing project. Stateway Associates is building a mixed-income residential development, which will include single-family, town homes and multifamily units as well as some commercial space.
Further south, Brinshore/Michaels will use 23 parcels to build the first 110 of 894 multifamily rental units. Nearly half the units will go to families displaced by the demolition of the Robert Taylor Homes, while another 44 would be earmarked for renters earning no more than 60% of the median income. The remaining 12 units would be rented at market rates. The first phase of the development, which alone will cost $23.8 million, will be paid for in part by federal Hope VI funds from the CHA, the Illinois Housing Development Authority and tax credits.
Eventually linking the two projects will be a shopping center at 40th and State streets.
"We're going to bring much-needed retail space to the State Street corridor," says 3rd Ward Alderman Dorothy Tillman.
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