May 28, 2014

Next Phase of Parkside of Old Town Approved for New Construction


More than 100 mixed-income housing units will be added to the Parkside of Old Town housing complex on the Near North Side through financial measures approved today by City Council.

The measures, including $27 million in bonds, $10 million in Tax Increment Financing (TIF) assistance, a $1.9 million loan, and $3.6 million in tax credit equity will help Parkside Phase IIB LP build 106 apartments on the southeast corner of Division and Cleveland streets. The $41 million project will consist of a nine-story, 94-unit building and a three-story, 12-unit building.

Parkside of Old Town is replacing the Chicago Housing Authority’s (CHA) former Cabrini Green public housing complex. Phase IIB is planned to include 36 units of replacement housing for former Cabrini residents, 27 affordable units, and 43 market-rate units.

Other funding sources are proposed to include a $12.4 million CHA loan and a private mortgage loan.


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