Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-A 5.7-acre site a half-mile south of Midway Airport is expected to be rezoned for a $32-million multifamily development for senior citizens. The proposal, which also is scheduled to receive a tax increment financing subsidy, recently won a favorable recommendation from the plan commission.

Senior Lifestyles Corp. plans to build 198 units in two six -story buildings at W. 67th Street and Cicero Avenue in the city’s West Lawn community. The company has developed similar projects in the West Pullman and South Shore neighborhoods on the city’s South Side.

Although rents for the one-bedroom apartments would range from $1,030 to $2,300 per month, 26 of the 126 rental units are being set aside for senior citizen households earning less than 80% of the area median income.

The 72 condominium units would be priced from $140,000 to $219,000.

“Our ability to convey large parcels of land and provide tax credits help build needed neighborhood development projects like safe, affordable housing for our seniors,” says department of planning and development commission Alicia Berg.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.