A new retail and apartment complex in Hyde Park will move forward through a $11.3 million Tax Increment Financing (TIF) assistance approved today by City Council.
Planned for a 2.08 acre site on the southwest corner of Hyde Park Boulevard and Lake Park Avenue, the proposed $115 million City Hyde Park development will include 120,000 square feet of retail space, 180 apartments and underground parking for 350 cars. Thirty six of the apartments will be made available at affordable rates. The retail portion will be anchored by a 30,000-square-foot Whole Foods Market.
The TIF assistance will be provided to the developer, 1525 HP LLC, in annual installments following project completion and the fulfillment of all TIF requirements, including ongoing employment and occupancy requirements.
The complex will create approximately 200 permanent retail jobs and more than 200 temporary construction jobs. Construction will begin in 2014.
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