St. Edmund's Redevelopment Corp. will rehab seven two- and three-story multifamily rental buildings on three sites bounded by Michigan and Wabash avenues, 57th and 61st streets. Most of the new tenants in the former CHA properties will be families earning 60% or less of the area's median income, with rents for the three- and four-bedroom units beginning at $750 per month.
"A huge part of the success of this project will be due to the teamwork exhibited by the private and public participants in the deal," says Related Capital Co. SVP Eric Trucksess, whose company focuses on affordable multifamily financing.
St. Edmund's Episcopal Church rector Rev. Dr. Richard Tolliver's redevelopment efforts have been credited with rehabbing 455 multifamily rental units in the area over the last 10 years.
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