Fifth Phase of Stateway Gardens Redevelopment to Create 80 Additional Units in the Douglas Community Area
Eighty new rental units will be constructed in the Douglas Community Area thanks to an ordinance passed by City Council today. The ordinance authorizes the issuance of up to $24 million in Tax-Exempt Bonds, negotiation of a Tax Increment Financing funded Redevelopment Agreement (TIF RDA) for $6 million; the designation of Park Boulevard 3B, LLC, Stateway Associates, LLC, and its affiliates as a developer at Park Boulevard 3B.
Park Boulevard 3B will consist of two, new five-story buildings, each containing 40 rental units, and is the fifth sub-phase of the redevelopment of the Chicago Housing Authority’s (CHA) Stateway Gardens public housing development. Sixty-eight of the units will be affordable to households at or below 60% of area median income (AMI) and 12 of the units will be market-rate. Park Boulevard 3B will feature four studio units, 24 one-bedroom units, 50 two-bedroom units, and two three-bedroom units.
The CHA will enter into a Housing Assitance Payments (HAP) contract with the developer for the replacement of 36 CHA units where affordability will be maintained for at least 40 years. Total project costs are $43,032,951.
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