Artist lofts proposed for 47th Street in Bronzeville

Two days ago we posted on a revised proposal for the Rosenwald Apartments at 47th and Michigan. Financing for the project would include $25 million in Tax Increment Financing (TIF) funds.

On the day of our post Mayor Emanuel requested $1.1 million in TIF funds for the rehabilitation of a vacant Bronzeville building at 436 E 47th St. The project, which is also slated to receive $4.4 million in federal Neighborhood Stabilization Program funds, includes 12,200 of commercial space and 16 live-work spaces for artists.

The studio, 1- and 2-bedroom loft apartments would be income-restricted and rented to residents earning no more than 60% or 120% of the Chicago-area median income.

The proposed development is on a desolate stretch of 47th Street, just east of the Harold Washington Cultural Center, a project that has had an entertaining financial history.

You can read the details of the 47th Street project’s scope, costs and financing in this PDF document.