City, developer break ground for redevelopment of landmark building; project combines transit-oriented development with affordable housing, community arts center, new retail
Hairpin Lofts and Logan Square Arts Center Show How TIF Funds Benefit Community
Molly Sullivan 312.744.2976
Officials from the Department of Community Development today joined members of the development team and community representatives to break ground for an innovative project that will transform a mostly vacant Chicago landmark building into affordable housing and bring a community arts center to the Logan Square community.
The Hairpin Lofts and Logan Square Community Arts Center will transform and restore the landmark Morris B. Sachs Building at 2800 N. Milwaukee Ave. and is a project that combines affordable housing, historic preservation, environmental sustainability, transit-oriented development, new retail opportunities and the arts.
Located at the prominent Six Corners intersection of Diversey, Milwaukee and Kimball avenues, Hairpin Lofts and the Logan Square Community Arts Center will bring 28 new residential loft units, 25 of which will be affordable to households earning at or below 30% to 60% of the area median income, or $22,600 to $45,240 for a family of four.
The second floor will be home to the new, 8,000 square foot Logan Square Arts Center and an outdoor patio deck. The first floor will contain four market-rate retail units totaling over 7,000 square feet.
The project will be co-developed by Brinshore Development and Anixter Center. Brinshore was designated as the developer earlier this year after being approved as the successful respondent to the City’s request for proposals for the purchase and redevelopment of the landmark six-story Sachs Building.
Anixter Center is a leading community service provider that will provide services to enhance the lives of disabled residents.
“We believe this is the type of project that is ideal for the use of TIF dollars, as it uses increment produced in the community to bring real value back to the community. This will benefit the community for years to come,” according to
Chris Raguso, Acting Commissioner of the Department of Community Development.
“This is also a great opportunity for us to bring quality, affordable rental housing to a landmark building near the CTA,” said Ellen Sahli, First Deputy Commissioner, Department of Community Development.
The City is providing substantial financial support for the project, including the sale of the land, valued at $3.9 million, for a dollar, and $7.1 million in TIF assistance from the Fullerton / Milwaukee TIF. The TIF funds will be used to off-set the costs of developing the rental housing, of which 90% of the units will be affordable and also help cover the cost of rehabilitating a landmark building to the LEED Silver level.
The project will produce 150-200 temporary construction jobs and 30 permanent jobs. The development will also generate additional property and sales tax revenues for the City.
The building has a unique and storied history and dates back to the era of the Great Depression. The building was built by Sol Harry Goldberg, president of the Hump Hairpin Manufacturing Company, a Chicago businessman who believed in the long-term strength and viability of the Logan Square community and remained an active developer of commercial buildings during the great depression.
The building is an example of streamlined Art Moderne architecture that gained popularity in the late 1920s. He was also responsible for the development of two other buildings in the immediate area.
It has been largely underused and vacant for more than 20 years. The redevelopment of an adjacent two-story building is also part of the project. Project completion is expected by the Spring of 2011.
Members of the public interested in leasing information should contact Brinshore Development at 847.562.9400.