4400 N. Clarendon Ave.
Zoning and financial assistance for the proposed mixed-income Montrose/Clarendon project were approved by the Chicago Plan Commission and the Community Development Commission in January 2016.
With 381 residential units and approximately 31,000 square feet of commercial space, the proposed $125 million project involves both negotiated and required terms with the City based on the proposed $15.8 million in TIF assistance and zoning change.
The TIF increment to assist the project would be generated by the project itself. There are neither TIF funds nor housing units in the Montrose/Clarendon TIF district at present. All the property in the 31-acre district is currently tax exempt due to its ownership by the Park District and a non-profit entity that currently owns the development site.
As part of the proposed redevelopment agreement with the City, the developer, Montrose Clarendon Partners LLC, would:
- Contribute $5.7 million to the City's Affordable Housing Opportunity Fund. (Half of the fund is used to support rental subsidies for extremely low-income residents that would otherwise be homeless, the other half to support the construction and rehabilitation of affordable housing for seniors, veterans, people with special needs, and other income-qualified residents.)
- Fund $4.6 million in improvements to Clarendon Park.
- Provide 20 affordable units on-site for people earning 50 and 60 percent of area median income.
The proposed project also would support approximately 650 construction jobs, 60 permanent jobs, and generate approximately $3 million in annual property and sales taxes.
Both the TIF assistance and zoning proposals require City Council approval. Both will be subject to Council committee hearings in the spring 2016.
For more information, see: