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Originally Posted by marothisu
2 more buildings permitted yesterday for Phase 3B of Roosevelt Square near UIC. 1257 W Roosevelt was permitted on 12/7 already to build a new 6 story, 70 unit building also on a vacant lot.
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F'n finally. I assume if they paid their landscape deposit and got the permit released, they have the funding in place to start construction on all three buildings.
It takes so long to get funding for these mixed-income deals, you have a capital stack of 8, 10, maybe 15 funding sources, each one operating on a different approval and award timeline with different requirements. If even one drops out, you're screwed unless you find more money somewhere. Utterly insane how this system is ever supposed to provide housing for more than just a few lucky families.
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1) 1002 S Racine - This is on Taylor St and the site has been vacant for at least 15 years. Will become a new 6 story, 67 unit + retail with 33 parking space building.
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It looks like this site used to have the Eisenberg Boys and Girls Club, a single-story 1960s community center to serve residents of the ABLA projects.
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2) 1357 W Roosevelt - On the corner of Loomis. Will become a new 6 story, 70 unit + 40 parking space building. This site has also been vacant for at least 15 years.
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This site was never part of ABLA, but it was a row of dilapidated mixed-use buildings along the south side of Roosevelt. Many were vacant/abandoned around 2000 when they started tearing down ABLA, and they were seized by CHA as part of the new Roosevelt Square. Sad that they could not be renovated...