Evergreen Real Estate Group and Structured Development commenced construction on Schiller Place Apartments, a three-building, 48-unit mixed-income rental community at 711, 731 and 749 W. Schiller Street on Chicago’s Near North Side.
Located immediately south of Structured’s award-winning NEWCITY development, on land that was formerly home of the Isham YMCA, Schiller Place will help preserve housing affordability in the Clybourn Corridor.
Evergreen and Structured representatives joined 27th Ward Ald. Walter Burnett Jr. and officials from the Chicago Housing Authority (CHA), Illinois Housing Development Authority (IHDA), Hudson Housing Capital, CIBC Bank and other partners at a socially distanced groundbreaking ceremony on Feb. 3.
“Schiller Place Apartments helps us continue the revitalization of this area while ensuring longtime residents are not displaced by new developments that, in recent years, have established the Clybourn Corridor as one of the top mixed-use districts in the city,” said Mike Drew, founding principal of Structured Development. “With a portion of the units set aside as affordable housing, Schiller Place will allow more Chicagoans to enjoy the many amenities now available in this location, including improved riverfront access through the creation of the Wild Mile.”
“The growing appeal of the Clybourn Corridor increases the need for housing that is affordable and accessible,” said David Block, director of development for Evergreen Real Estate Group. “Our firm is honored to be partnering with Structured to provide this much-needed addition to the neighborhood, where residents will be steps from public transportation, retail, restaurants and recreation along the riverfront.”
Located on the southeast corner of Halsted and Schiller streets, Schiller Place will include three four-story buildings on an approximately 26,000-square-foot site that is currently vacant. Each four-story building will have 16 apartments, including eight one-bedroom/one-bath and eight two-bedroom/two-bath units.
“CHA’s investment means that low-income Chicagoans can afford to remain in a community of their choice,” said Tracey Scott, CEO of CHA. “And it means that we are continuing our mission of investing in bricks and mortar in order to help families thrive. That is our mission.”
Schiller Place will cater to individuals and families at a variety of income levels, with eight market-rate units and the remaining 40 units set aside for households earning between 30 percent and 60 percent of the Area Median Income (AMI). The development team secured project-based vouchers for 24 units through the CHA. In addition, there will be five units with preference for veterans and an additional five units for individuals sourced through the Statewide Referral Network, which works with households earning at or below 30 percent of AMI with a head of household who has a disability or illness.
Apartments will feature a dishwasher as well as an in-unit stackable washer/dryer. Each building will have a buzzer entrance and elevator, and the development will include 18 on-site surface parking spaces. Exterior finishes include brick, cast stone trim, fiber cement board and solid vinyl windows.
Residents of Schiller Place will be across the street from a Mariano’s grocery store that is part of the NEWCITY complex, along with other retail, restaurants, banks and healthcare services. Several parks and public transit options, including the North/Clybourn Red Line station, are also within walking distance.
Once completed in early 2022, Schiller Place will be professionally managed by Evergreen, which will begin accepting applications for the residences in January 2022. GMA Construction, a Minority Business Enterprise (MBE), Veteran-Owned Small Business (VOSB) and Section 3 firm, is serving as general contractor on the project, which was designed by architecture firm Bailey Edward.
Funding for the project included: federal 4 percent Low Income Housing Tax Credits awarded by IHDA and syndicated by Hudson Housing Capital; Illinois Affordable Housing Tax Credits awarded by IHDA, syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide on-site social services to residents; a permanent loan from the Illinois Affordable Housing Trust Fund provided by IHDA; predevelopment financing from IFF; construction financing from CIBC Bank; and a first mortgage from IHDA.