Structured Development and Evergreen Real Estate Group, along with Ald. Walter Burnett Jr. and representatives from the Chicago Housing Authority (CHA), Illinois Housing Development Authority (IHDA) and other project partners, came together yesterday for a ribbon-cutting ceremony for Schiller Place Apartments, a three-building, 48-unit mixed-income rental community at 711, 731 and 749 W. Schiller St. 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 is helping preserve housing affordability in the Clybourn Corridor. It comprises three four-story elevator buildings, each with eight one-bedroom and eight two-bedroom apartments. Demonstrating the demand for attainably priced housing, all 48 units are fully leased.
“Thriving communities – communities that are diverse by race and income – do not happen by accident; they require intentional actions,” said CHA Chief Executive Officer Tracey Scott. “At CHA, we will continue to work with all of our public and private sector partners to create more affordable housing opportunities and build strong communities where all residents, regardless of income, have the freedom to make choices and be successful.”
Apartments at Schiller Place include six market-rate units, 24 reserved for CHA residents, 13 set aside for households earning up to 60% of the area median income (AMI), and five rented at 30% AMI. Five of the units have a preference for veterans and an additional five will house individuals sourced through the Statewide Referral Network, which works with households earning at or below 30% of AMI, with a head of household who has a disability or illness.
Apartments feature vinyl flooring throughout the unit; an appliance package including a refrigerator, range and dishwasher; and in-unit laundry. All buildings have a buzzer entrance and elevator and share 18 surface parking spaces.
GMA Construction, a Minority Business Enterprise (MBE), Veteran-Owned Small Business (VOSB) and Section 3 firm, served as general contractor on the project, which was designed by architecture firm Bailey Edward.
Funding for Schiller Place included federal 4% 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.
The new community is located across the street from a Mariano’s grocery store that is part of the NEWCITY complex and close to other shops, restaurants, banks and healthcare services along the Clybourn Corridor. Also within walking distance are several parks, the Wild Mile Chicago and several public transit options, including the North/Clybourn Red Line station and several bus lines.
Located less than two miles from Downtown Chicago, Schiller Place offers easy access to DuSable Lake Shore Drive and I-90/94.