CHICAGO (CBS) — Crews broke floor Wednesday morning on a brand new $43 million mixed-use affordable housing improvement in the Auburn Gresham neighborhood.
The 58-unit Auburn Gresham Apartments project alongside 79th Street is being funded in massive half by $18 million in tax increment financing, $18 million in low-income housing tax credit, a $2.5 million metropolis mortgage, and a donation of metropolis land as a part of the INVEST South/West initiative.
The project from a three way partnership of Imagine Group and Evergreen Real Estate Group will redevelop two vacant websites. The first, at 79th and Green, can be a three-story constructing with industrial and retail space on the bottom degree, 28 affordable residences, and 28 parking spots. The second, at 79th and Halsted, can be five-story constructing with 3,300 toes of business space, 30 affordable residences, and 14 parking areas.
All of the residences in each buildings can have rents starting from $925 to $1,250 per 30 days.
Mayor Lori Lightfoot stated the project has been a very long time coming for the neighborhood.
“They are seeing the transformation that has been talked about, that we’ve engaged with them about, that is now happening right as we speak,” she stated at Wednesday’s groundbreaking.
Construction on the project is predicted to take about 18 months.
When the project is accomplished, each websites can have murals created by Chicago artist Rahmaan Statik, who additionally has created murals alongside railroad viaduct partitions at 87th and Vincennes, on the Hard Rock Café in River North, Overton Elementary at forty ninth and Indiana, and dozens of different websites in Chicago, the suburbs, Indiana, and Wisconsin.