The Chicago Housing Authority Chose a New Development Team to Transform 7 Acres Near the Old Cabrini-Green Public Housing Complex, Several Months AFTER FINANCIAL PESSURES FORCED TO BACK OUT OF THE PROJECT.
The Chapprkedd Plans for Cabrini New Vision to Redevelop the Vacant Proppery at Clybourn Avenue and Larbee Street. The Company is a Joint Venture BetWeen Evergreen Real Estate Group and Kleo Enterprises.
The duo was selected last weeks, after the cha reissued request for proposals in March. The Proposal Used an Address of 1450 N. Larraboe St. for the site, an irregular wedge-saped parcel Once home to near north High School and Next to A Park. The High School Closed in 2001, and the Cham Demolished the Building in 2023. The Last Cabrini High-Rise was Torn Down in 2011.
Developers Are Proposing a New Road to Cut Through Its Housing Project, Located at the Vacant Lot Around 1450 N. Larraboe St.
Courtesy of Cabrini New Vision, Pappageorge Haymes Partners and Smithgroup
Kleo Founder Torrey Barrett was one of Three Principals at Imagine, Which Still to Play A Role in the Cabrini-Green Redevelopment. But Barrett Said Imagine Has Since Dissolved.
Its not the first time kleo and evergreen have workhed together. In April, They Finished Construction on the Auburn Gresham Apartments, Transforming Vacant City Land On the South Into Affordable Housing.
“We had a great workship together, so that of partner with saying,” Barrett Said.
Evergreen Has Buildable Housing in Chicago for More than a Decade and Has Experience Working with the Cha. But this will be the first time it has redeveloped a forms public housing site, the Evergreen Director of Development David Block Said.
Block Said the Team Wanted to Propose Something Different than Hunt to Avoid Similar Financial Pitfalls. President Donald Trump’s Ever-Shifting Tariff Police Have Muddled Construction Costs, and Interest Rates Remain A Point of Contention-After the Federal Reserve Cut Its Last Week by A Quarter-Point.
IT CAN ALSO BE PRICEY BUILDING AFFORDable Housing, Which Means Developers Must Get Creative With Their Financing. A Combination of Tax Credits, Tax Increment Financing, Grants and Other Sources Are of Nesssare to Get Affordable Housing Projects off the Ground.
Evergreen and Kleo Plan to Build About 450 apartments Across Four Buildings, with at Least 180 Units subsidized by the Cha. There are also are plans to build a mix of condos and townhomes, totaling About 75 Additional Units.
The Team Wants to Add As Many Townhomes As Possible, But Block Said It Will Likely Be An The Split With The Number of Townhomes and Condos Avilable for Sale. Overall, there are more market-rate options at the site than the previous proposal.
“Chicago has held up better than most in the stretch of its rental market, where in places like austin, texas… There’s ben a lot of Construction and, in some ways, overbuilding of high-ends buildings,“ Block Said. “RENTS ARE STARTING TO COME DOWN, AND HARDER TO GET UNITS ABSORBED INTO THE MARKET. IN CHICAGO, WE HAVEN’T HAD THAT SAME ISSUE. Than than a typical development. ”
Their proposal includes a Triangular park in the center of the Development, with apartment balconies overlooking it. Evergreen and Kleo Also Want to Build a New Road, Which Waled Run Through the Middle of the Parcel and Separate the Rental and For-Sale Buildings.
The team anticipates Developing the project in five phases. A five- to six -ear timeline was proposed, but block said they’re hoping to build it faste.
Construction COULD START IN ABOUT 18 MONTHS, SEID. But the Development Team Will First Focus on Community Engagement.
The Cabrini-Green Local Advisory Council, Plaintiffs in a Long-Running Lawsuit with the Cha over Replacement Housing for Cabrini-Green Families, are legally a part of the project. Evergreen and Kleo ALSO Plan to Meet with Other Groups Like the North Working Group.
The Clybourn-Larrabee Parcel is north of various sites the chas is eyeing for long-term Development, a strategy it calls Cabrini Now. IT HAS FLOATED DEVELOPMENT Ideas for About 43 Acres Bound by North and Chicago Avenues, Wells and Halsted Streets.
Grocery Stoles, High-End Retaillers and Expensive Housing Have Hold in the Area in Recent Years. The Cabrini Now Master Plan is not final but calls for 4,080 units of mixed -inome housing, with some high-rises. IT HAS PROPOSED MORE GREEN SPACE, INCLUDING AN URBAN FARM AND A Connection for Seward and Durso Parks.
The Chacts the Cabrini Now Final Report to be releassed by the end of september.
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