^ I've been wondering how Related planned to handle off-site affordable-housing requirements for The 78, I assumed they would just stash it in Roosevelt Square but I guess the housing planned over there is already "committed" toward meeting CHA's needs, and can't be used to offset Related's market rate projects elsewhere in the city.
Stephen Ross started in the affordable housing sector before moving to market-rate, so affordable housing is pretty key to Related's business. Not in a bleeding-heart, liberal way though - they see affordable housing as a way to make money assuming the right government subsidies are in place.
I'm confused, though... if you have all the flexibility that the off-site program allows, why would you cluster your off-site affordables in a new West Loop highrise that costs $500/sf to build, when you could put them in midrises that cost $350/sf to build? I assume they can't find land cheap enough to do 6-flats within the 2-mile radius stipulated by the ARO - those 6-flats would be cheaper still to build.
Maybe it has something to do with the
80/20 bill in Springfield that Curt Bailey is arguing for...
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