Rosenwald Apartments proposal advances toward TIF funding

Last October we marveled at a proposal to revive the long-vacant landmark Rosenwald Apartments at 47th and Michigan at a cost of just over half a million dollars per unit.

Plans for the project took a major step forward yesterday when Chicago’s Community Development Commission voted to recommend that it receive up to $25 million in tax-increment financing.

We’ve been in contact with members of Rosenwald for All, a group of concerned neighbors who view the current proposal as “socially irresponsible and incomprehensible.”

I’ll be meeting members of Rosenwald for All on Saturday for a video look at the Rosenwald site and the neighborhood. In the meantime, you can read the statement (pdf) the group submitted to the Community Development Commission prior to its vote.

COMMENTS

WORDPRESS: 4
  • IrishPirate 5 years

    Only 1/2 million dollars per unit! A veritable bargain for the taxpayers.

    Now purportedly the units at Wilson Yard in Uptown were 400-450,000 dollars per unit.

    It’s nice to see our south side neighbors moving up in the public housing TIF sweepstakes.

    This city needs an enema.

    • James 5 years

      Not sure to cry or laugh. But I will choose to laugh at this. You are so right the City needs an enema as every person on the CDC but 1 NO vote was full of “sh#@”.

  • the urban politician 5 years

    Amazing, I should really change my investment strategy and try to create more public housing.

    What I won’t get in rental income, I apparently will more than make up for in taxpayer subsidies.

  • the urban politician 5 years

    If I knew that some sort of monstrosity with 90% public housing was going up next door to a property that I spent my hard earned money to buy and maintain, I would have a sh$t fit as well.

    This city really does not care about property owners.

    Get rid of subsidized housing and eliminate the CHA. Let the meek roam free and the market will absorb them, as it always had for thousands of years.