Developer envisions mixed-use Teachers Village at shuttered school

RBH Group last month announced it started a $700M fund to invest in Teachers Village projects in Opportunity Zones nationwide

Chicago /
May.May 31, 2019 02:30 PM
RBH CEO Ron Beit and a rendering of the complex

RBH CEO Ron Beit and a rendering of the complex

RBH Group is moving forward with its plan for a mixed-used project geared toward teachers in a shuttered public school building in Humboldt Park.

The New Jersey-based developer first proposed the Teachers Village project in the old Von Humboldt Elementary School at 2620 West Hirsch Street in November 2016, DNAinfo reported at the time.

RBH formally introduced the plan to the City Council this week. It calls for a total of 116 residential units within the 103,000-square-foot complex. The firm bought the property in February for $4.9 million, Cook County property records show.

A spokesperson for RBH said Friday the firm plans 111 rental units in the building, to go along with 14,000 square feet of retail. He said future plans could include eventually adding the other five units, but those plans are preliminary.

Roughly 25 percent of the units would be set aside as affordable housing, 35 percent as workforce housing that would rent at below market rates, and the remainder market rate, he said.

Under the plan DNAinfo reported in 2017, the Von Humboldt building would be converted into apartments, shops and eateries, all geared toward teachers. The project had been delayed in part by problems securing financing, a city official said at the time.

The RBH spokesperson Thursday said there are no confirmed plans for the retail space in the project.

RBH last month announced it started a $700 million fund to invest in Teachers Village projects in Opportunity Zones. The firm already has developed a Teachers Village in Newark, New Jersey. It includes three charter schools, a daycare center, apartments and more than 70,000 square feet of retail.


Related Articles

arrow_forward_ios
1000 W. Fulton Market; and 210 N. Carpenter Street (Project Management Advisors, SCB)
2 Google-leased Fulton Market offices sell for $500M
2 Google-leased Fulton Market offices sell for $500M
CMK Companies CEO Colin Kihnke and an aerial view of property at 1400 S. Wabash Ave. (Google Maps)
CMK plans 299-unit South Loop tower
CMK plans 299-unit South Loop tower
(Lollapalooza, Getty)
More than a mint: Hotel industry seeks $75M for Chicago comeback
More than a mint: Hotel industry seeks $75M for Chicago comeback
Mark Goodman and an aerial of 400 N. Elizabeth Street (Google Maps, Mark Goodman & Associates)
500K-sf life sciences complex eyed for Fulton Market
500K-sf life sciences complex eyed for Fulton Market
Port of Chicago (BartShore/Wikipedia, iStock)
Big development opportunity on tap at Port of Chicago
Big development opportunity on tap at Port of Chicago
Amita CEO Keith Parrott and the Amita Health’s Lisle headquarters at 2601 Navistar Drive in Lisle (Amita, Google Maps)
Amita Health adds to wave of suburban office subleases
Amita Health adds to wave of suburban office subleases
From left: DL3 Realty’s Leon Walker, Discover’s Roger Hochschild, Mayor Lori Lightfoot, and 8560 South Cottage Grove Avenue. (DL3, Discover, Getty, Google Maps)
DL3 Realty signs Discover to big South Side lease
DL3 Realty signs Discover to big South Side lease
Blackstone’s Jonathan Gray and CenterPoint CIO Jim Clewlow with one of the properties, 225 Spring Lake Drive, Itasca (Getty, Linkedin, Google Maps)
Blackstone expands industrial reach with $151M Chicago buy
Blackstone expands industrial reach with $151M Chicago buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...