(Read more on the multifamily market.)
CHICAGO-Construction is expected to begin at the end of themonth on phase two of the Roosevelt Square residential development.The six-phase project encompasses about 100 acres, and is aredevelopment of the Chicago Housing Authority's ABLA publichousing, which consisted of the Jane Addams Homes, Grace AbbottHomes, Robert Brooks Homes and Extension and Loomis Courts.
Phase two of the project will cost about $100 million with thetotal project estimated at more than $500 million, says DonBiernacki, senior vice president of Related Midwest. Locally basedRelated Midwest is developing Roosevelt Square in a partnershipwith Quest Development Group LLC for the for-sale units and apartnership with Chicago-based Heartland Housing for the rentalunits.
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