CHICAGO-The city will contribute nearly $3 million in tax increment financing in the form of a developer’s note to help build the $18-million Residence at Midway Village senior citizens’ multifamily rental building. The126-unit building is part of Senior Lifestyles’ $32-million plan for 67th Street and Cicero Avenue, which also includes condominiums.

Senior Lifestyles is set to buy the land, vacant for about 10 years, from the Chicago Board of Education. The company, which has done or started 15 similar projects around the city, hopes to begin construction on the rental building this fall, with occupancy slated for next fall.

In addition to a fitness center and 27,000-sf garden, the project will include 26 units set aside to renters earning less than 60% of the area median income. That would translate into a maximum rent of about $850 a month, including utilities, according to department of planning and development project manager Chip Hastings.

Renters at the six-story building would be at least 62 years old.

In addition to the developer’s note, recommended for approval this week by the community development commission, Harris Bank also is providing financing for the project.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.