New Paseo Boricua Arts Building Approved for West Town
The City Council today approved the bond issuance for the construction of the new Boricua Arts Building, a new mixed-use development that will serve as housing and creative space for artists and their families.
The bond ordinance amends an existing ordinance and issues an additional $6 million in bonds for a total not to exceed $12 million in tax-exempt housing revenue bonds to Paseo Boricua Arts, LLC and/or its affiliated or related entity, for the redevelopment of the Paseo Boricua Arts Building located at 2709-15 W. Division.
The site is located in the 26th Ward’s West Town Community area and within the boundaries of the Humboldt Park TIF district. The development will include the construction of a new five-story mixed-use building and include affordable residences targeting artists and their families.
The first floor will contain common area space and office space for building operations. There will also be two commercial/retail spaces including a black box performance theater that will be leased by a local theater company. The 2nd through 5th floors will include 24 affordable live/work residential units, and will be a mix of studio, one, and two bedroom units for tenants with incomes at 30% to 60% of the area median income (AMI).
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