Holsten Real Estate Development is seeking $12 million in tax increment financing for a 134-unit apartment project on the site of the former Cabrini-Green public housing complex.
The money would help pay for the final phase of the Parkside of Old Town development near Division and Larrabee streets on the Near North Side, according to Crain’s.
Some 52 of the units would be reserved for public housing tenants, 44 for low-income residents and the rest would be priced at market rate.
The Chicago Community Development Commission gave initial approval to the TIF incentive Tuesday.
The $61 million apartment project would join an 88-unit townhome complex at Larrabee and Elm streets where Holsten last year launched sales.
The two- and three-story townhomes will be built in a four-block area that has been mostly vacant land and parking lots since the city demolished the Cabrini Green towers between 1995 and 2011.
Parkside Old Town represents the latest round of redevelopment of the notorious public housing complex.
The massive New City mixed-use project was built in 2015 by Structured Development on the northern end of the Cabrini Green neighborhood. New City is now owned by Bucksbaum Retail Management.
Structured is now developing the Shops at Big Deahl complex nearby. The developer also plans to build a 197-unit apartment complex on the current site of the nonprofit Menomonee Club community center at 1535 North Dayton Street, and in exchange will build a 50,000-square-foot center for the club at Shops at Big Deahl. [Crain’s] — John O’Brien