CHICAGO | General Developments - Page 2218

Vlajos · #**44341** Posted **Mar 21, 2019, 1:49 PM**

Quote:

Originally Posted by the urban politician

How does one finance a project entirely through tax credits?

Low income housing tax credits are allocated to each state according to population plus NYC and Chicago get set asides out of the state allocation (thanks to Rostenkowski). The states create a Qualified Action Plan for scoring points in applying for an allocation for a project. The highest scoring projects get awarded credits and the developer then goes to market working with syndicators of the tax credits to raise equity. Most of the buyers are large financial institutions that want to offset federal tax liability. Projects generally get a construction and perm loan from the private sector but some states also have lending programs.

This is just a very simple explanation obviously but it's the gist of low income housing tax credit finance.

the urban politician · #**44342** Posted **Mar 21, 2019, 1:53 PM**

^ Sounds like some "insider" kinda stuff. Thanks for explaining!

Vlajos · #**44343** Posted **Mar 21, 2019, 2:10 PM**

Quote:

Originally Posted by the urban politician

^ Sounds like some "insider" kinda stuff. Thanks for explaining!

No problem!

I wouldn't call it insider stuff, the states are quite transparent with the process and scoring, but it is definitely a niche market.

marothisu · #**44344** Posted **Mar 21, 2019, 4:46 PM**

New construction permit was issued a few days ago for the bad looking parking lot that's directly south of where that new 7 story, 63 unit building at the corner of Warren & Ashland was permitted a month ago. This one will be for 3 stories and 12 units - unfortunately I think there will be a 12 spot surface parking lot there after- but that little area should see a big improvement as far as erasing vacant land/surface lots go for sure.

Current: https://www.google.com/maps/place/11...!4d-87.6667291

ardecila · #**44345** Posted **Mar 21, 2019, 11:51 PM**

Quote:

Originally Posted by marothisu

New construction permit was issued a few days ago for the bad looking parking lot that's directly south of where that new 7 story, 63 unit building at the corner of Warren & Ashland was permitted a month ago. This one will be for 3 stories and 12 units - unfortunately I think there will be a 12 spot surface parking lot there after- but that little area should see a big improvement as far as erasing vacant land/surface lots go for sure.

Current: https://www.google.com/maps/place/11...!4d-87.6667291

This is Heartland Alliance's low income housing project. The site plan includes the midrise and lowrise portions. 12 spaces in a surface lot, 7 spaces in the midrise. 19 spaces total is not bad for a 75 unit project. Plus the parking lot will be screened from the Madison St side and no curb cut, all access is from the alley.

Overall this project is so much better than the Michigan Ave Real Estate Group schlock that is infesting this area. No blank walls! The midrise will have amenity space on the ground floor with windows, but the lowrise will weirdly have ground floor residential. I know they're trying to serve elderly/disabled people, but jeez, this is one intersection where you don't want to live at grade...

OEMC owns the lot next door facing Ogden. Hopefully one day OEMC can move out of the West Loop, they're sitting on so much developable land and just using it for parking. And the permanent street closures are bad also. At least the Police Academy and their ridiculous parking lots are going away soon...

harryc · #**44346** Posted **Mar 22, 2019, 1:09 AM**

From their site https://superiorhouse.com/

March 20 u.c.

LouisVanDerWright · #**44347** Posted **Mar 22, 2019, 1:30 AM**

Quote:

Originally Posted by ardecila

This is Heartland Alliance's low income housing project. The site plan includes the midrise and lowrise portions. 12 spaces in a surface lot, 7 spaces in the midrise. 19 spaces total is not bad for a 75 unit project. Plus the parking lot will be screened from the Madison St side and no curb cut, all access is from the alley.

Overall this project is so much better than the Michigan Ave Real Estate Group schlock that is infesting this area. No blank walls! The midrise will have amenity space on the ground floor with windows, but the lowrise will weirdly have ground floor residential. I know they're trying to serve elderly/disabled people, but jeez, this is one intersection where you don't want to live at grade...

OEMC owns the lot next door facing Ogden. Hopefully one day OEMC can move out of the West Loop, they're sitting on so much developable land and just using it for parking. And the permanent street closures are bad also. At least the Police Academy and their ridiculous parking lots are going away soon...

This is where I saw what I thought was a Revcon rig. Investigated and discovered it was Hennighan taking down the old 60s buildings on this corner.

ardecila · #**44348** Posted **Mar 22, 2019, 5:29 AM**

Quote:

Originally Posted by LouisVanDerWright

This is where I saw what I thought was a Revcon rig. Investigated and discovered it was Hennighan taking down the old 60s buildings on this corner.

There were no buildings on this site. You must be thinking of the site two blocks south between Monroe and Adams, former YMCA. Originally Cedar St controlled all of the YMCA property, but now they decided to just keep the historic red brick buildings and they sold the 60s-era buildings to the aforementioned Michigan Ave Real Estate Group. No renderings of what they are planning, but their buildings all look the same; 4 stories, red utility brick, blank first floor, huge ugly balconies.

They are affiliated with Jerry Reinsdorf, it’s good that he wants to build up the area around the UC but it will totally kill the neighborhood if he keeps putting up these auto-oriented turds. Exactly what I would expect from a billionaire who lives in Northbrook.

marothisu · #**44349** Posted **Mar 23, 2019, 1:52 PM**

New construction building permit issued for 2755 N Milwaukee (Milwaukee & Spaulding) in Logan Square. This is a little north of the actual square but also literally next to one of the Blue Line stop entrances. In total - 6 stories, 60 units, and 4 retail spaces. This is the former Pierre's Bakery building and it will erase the parking lot for it.

The plans go back 2+ years - Carlos Ramirez-Rosa wanted to block this if it didn't include any affordable housing.

Current: https://www.google.com/maps/place/27...!4d-87.7105816

Source: https://images2.loopnet.com/d2/DqTWn...Y/document.pdf

the urban politician · #**44350** Posted **Mar 23, 2019, 1:56 PM**

^ A lame design but wow, that will really transform that stretch!

Ramirez Rosa is a tool...

marothisu · #**44351** Posted **Mar 23, 2019, 2:02 PM**

Quote:

Originally Posted by the urban politician

^ A lame design but wow, that will really transform that stretch!

Ramirez Rosa is a tool...

It's hard to tell from the drawing, but I think the design would be fine if they made the top better. In all honesty, it looks like they're trying to actually design to fit in with that stretch. If they fit in with the rest of the buildings around it and don't use brick, and do it correctly I think it could turn out well.

The developer who is doing this is the same one who renovated the Goldblatt building just a few hundred feet up the street. It will for sure make that stretch a bit better looking. It'll mean that between the Logan Square Blue Line and Diversey, there won't be really any surface lot type of spaces unless you count the McDonald's nearby and the blue line stop itself.

Vlajos · #**44352** Posted **Mar 23, 2019, 2:25 PM**

Do you know how many affordable units are in it?

marothisu · #**44353** Posted **Mar 23, 2019, 2:32 PM**

Quote:

Originally Posted by Vlajos

Do you know how many affordable units are in it?

No idea. Obviously having some is not a bad thing. Doesn't sound like there would be a lot - maybe 10 units? We'll see - the permit didn't mention anything about affordable housing, but due to the alderman's comments from 2 years ago I'm sure there's some.

ardecila · #**44354** Posted **Mar 23, 2019, 4:26 PM**

^ even brick would be fine if they use real modular brick instead of utility. On a building like this, it might even make sense to do precast panel with veneer brick...

spyguy · #**44355** Posted **Mar 23, 2019, 7:11 PM**

Nice little infill project replacing the 1 story currency exchange building at Chicago and LaSalle

36 co-living apartments, retail, no parking

HowardL · #**44356** Posted **Mar 23, 2019, 7:14 PM**

^^ I worked in River North for 15 or so years. This makes me "almost" as happy as OCS. Grand improvement.

the urban politician · #**44357** Posted **Mar 23, 2019, 9:03 PM**

^ Seriously.

Such a small project has never gotten me so excited.

Hell yes

marothisu · #**44358** Posted **Mar 23, 2019, 10:25 PM**

^ Huge improvement over what's there. What's the timeline to completion for it?

10023 · #**44359** Posted **Mar 23, 2019, 10:35 PM**

Quote:

Originally Posted by Vlajos

Do you know how many affordable units are in it?

Why do people insist on using this euphemism? They should be called “subsidized housing units”. Because that’s what they are. Someone has to pay more so that some apartments can be offered to others for less money.

Obviously every housing unit that is built and sold is affordable, to someone. If they weren’t they wouldn’t be built or sold.

LouisVanDerWright · #**44360** Posted **Mar 23, 2019, 11:24 PM**

^^^ Because the Law mandating these units is called the "Affordable Requirements Ordinance".

I don't believe this project has a single ARO unit because the site was already entitled with high density zoning when they bought it and applied for permits. Rosa tried downzoning it but failed because they had already applied for permits before the zoning was changed.

Wish it werent ugly Pomo, but it's seven zillion times better than what's there now.