ChicagoNorthwest Side

Weekend rant: we can't afford affordable housing

by Joe Zekas on 6/19/10

Bickerdike Redevelopment Corp. recently held the grand opening for its new Rosa Parks Apartments in Humboldt Park.

The 94-unit project has 1- to 4-bedroom apartments ranging in size from 700 to 1,300 square feet and was built at a cost of $27.2 million.

The cost, at just over $289K a unit, is toward the lower range of other recently-built “affordable” housing projects in Chicago. That’s a completely outrageous number for the size of the units and the project’s location when benchmarked against what private developers build for the conventional market. But then, private developers have a far smaller number of fee-swilling poverty-pimp pigs at their trough.

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{ 5 comments… read them below or add one }

CaptainVideo June 20, 2010 at 11:39 AM

“But then, private developers have a far smaller number of fee-swilling poverty-pimp pigs at their trough.”

A very interesting assertion. Please elaborate with specifics.

Reply

Joe Zekas June 20, 2010 at 11:53 AM

CaptainVideo,

I gave you a specific. Others are readily at hand if you want to do some Googling. Start with Casa Maravilla in Pilsen from the Resurrection Project. Move on to Wilson Yard if you have a strong stomach, etc.

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Irishpirate June 20, 2010 at 4:14 PM

Estimates at Wilson Yard run from 400-450 thousand yankee dollars per unit. I use the word “estimates” because the city and developer treat nearly all information regarding Wilson Yard as something akin to the Manhattan Project circa 1944. Da Mare and his pet aldercritters and developers do not like “sunlight”.

Amazingly during the boom developers were able to deliver larger and better quality units at lower prices.

In the case of Wilson Yard I suspect a significant part of the high cost was the ‘return” that private investors demanded to put there cash into such an outstanding project. I could be wrong, but I’m relatively sure that was part of an equation made up of many “variables”.

Once the Berlin Wall(Bubbly Creek Wall) around City Hall falls and the archives are opened, it should be interesting reading to keep historians busy for years on the Daley Part Deux years.

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Fred June 20, 2010 at 5:58 PM

Dear YoChicago,
Please hire/fire an editor. This post contains no less than 3 typos in 5 sentences!

Reply

Joe Zekas June 20, 2010 at 7:12 PM

Thanks, Fred.

I’ve corrected the typos. We do have an editor, and this post is not representative of our usual quality control.

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