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September 6, 2017

Affordable Artist Residences Proposed For Washington Park

Department of Planning and Development (DPD)
(312) 744-9267

A 58-unit affordable apartment complex with artist workspaces would be developed in Washington Park through financial measures introduced today to City Council by Mayor Rahm Emanuel.

A partnership between Brin Life Center LLC and KLEO Community Life Center would build the four-story, $23.5 million complex at southwest corner of Garfield Boulevard and Michigan Ave. Life Center Artist Residences would include 58 apartments for artists and families and 5,000 square feet of retail and artist studio space on the ground floor.

Forty-nine of the residential units would be rented to households at 60 percent of area median income with the remaining nine units offered at market rents. Amenities would include a fitness room, bike storage, community space, and on-site parking.

City assistance would include $6.4 million in Tax Increment Financing (TIF), $1.5 million in Low Income Housing Tax Credits generating $15.2 million in equity, and $270,000 in donations tax credits that would generate $246,000 in equity.

Additionally, two City-owned, vacant parcels at 63 E. Garfield Boulevard and 5510 S. Michigan Avenue would be sold for $1 each to support the project. Appraised at $925,000, the land would be combined with two other parcels owned by the developer for the project.