Chicago-based Fifield Cos. has contributed $3.1 million to the city of Chicago’s affordable housing fund on behalf of the firm’s upcoming luxury apartment development NEXT, which will be located at 347 W. Chestnut St. in River North’s NoCA neighborhood.
Recently, Alan Schachtman, executive vice president of Fifield Cos., presented a $3.1 million check to Kara Breems of the Chicago Department of Planning and Development as part of the city’s Affordable Requirements Ordinance. The city’s affordable housing fund will use the $3.1 million for rent vouchers for low income families as well as for grants to non-profit affordable housing projects in Chicago. The ARO has received $59 million to date from residential projects like NEXT in NoCA.
“We are glad that we can help facilitate the provision of more affordable housing in the city,” said Randy Fifield, principal and vice chair at Fifield Cos. “Giving back to the city of Chicago has always been an important part of our mission at Fifield.”
Fifield Cos. will soon begin construction on NEXT, a 28-story, 310-unit apartment building, in the emerging NoCA (North of Chicago Avenue) area of River North. The building is expected to deliver in early 2017.
“As more jobs are created downtown, projects like NEXT are meeting a huge demand for rental housing in hot new areas like NoCA in River North,” said Schachtman. “At the same time, this commercial activity is helping to ensure affordable housing is available through the city’s affordable housing fund. It’s a win-win for Chicago.”
