“The recommendations made by the CDC today continue to move economic development forward in Chicago by bringing a new retail development and grocery store to the Near West Side and by rehabilitating a City of Chicago landmark to provide affordable housing to residents in need,” said Department of Housing and Economic Development (HED) Commissioner Andrew J. Mooney. 

The CDC today gave HED the authority to negotiate a redevelopment agreement with CD-EB/EP Retail JV, LLC for redevelopment of the property a 14-40 S. Halsted Street, located at the northwest corner of Halsted and Monroe streets, for the “Gateway to the West Loop” project, and recommended that City Council name the entity the developer.  The property, in the Near West Side community, currently houses a parking lot and is owned by CHITOWN-DIAMOND JV, LLC, a member of the development team.  The project will include construction of approximately 95,125 square feet of retail space in a three story structure with 220 parking spots.  The developer has secured a lease with Roundy's Supermarkets, Inc., which is expected to occupy more than 71,000 square feet as the anchor tenant with a Mariano’s grocery store.  TIF assistance in the amount of $7 million is being sought from the Near West Side Tax Increment Redevelopment Project Area.  The project is expected to create 200 permanent jobs and approximately 250 temporary construction jobs.

The Commission also recommended that City Council approve the sale of three parcels of property, 1517 W. Warren Blvd., 1519 – 21 W. Warren Blvd. and 28 N. Ogden Avenue, to Viceroy Hotel, Limited Partnership, and designate the entity as the developer. The entity is composed of Heartland Housing, Inc., a leader in developing and managing affordable housing in the Midwest, and First Baptist Congregational Church. The proposed project will include rehabilitation of the former Viceroy Hotel, listed on the National Register of Historic Places and a designated Chicago landmark, creating 89 units of permanent, affordable studio supportive housing.  All the units will serve individuals with incomes at or below 60% of Area Median Income (AMI). In addition, St. Leonard’s Ministries plans to lease approximately 18 units in the building to house formerly-incarcerated women with histories of substance abuse.  The project, which will produce 40 temporary jobs and assure the rehabilitation of a City of Chicago landmark, will also include a coffee shop and community garden. The sites now house a vacant building and parking lots.  The proposal includes conveyance of the property for $1, for a land write down of $2,299,999 and TIF assistance of $3,876,673 from the Central West TIF Redevelopment Project Area.