This morning I spoke with Rafael Leon, the executive director of the Chicago Metropolitan Housing Development Corporation, about the development planned for the intersection of Clybourn Avenue and Larrabee Street.
The development, which is a partnership between Chicago Metropolitan and Related Midwest, will comprise 80 condos, several of which will be sold to the CHA and sold at affordable rates.
The building will feature a green roof and indoor and outdoor parking, but it will not have any retail. Leon says that including retail in the development would be too risky because it would have to compete with the destination retail of North Avenue.
Leon says he is currently negotiating with the Chicago Department of Planning and Development to try to secure Tax Increment Financing for the development. Because of those negotiations and due to the uncertain market, he isn’t sure what the construction timetable will be, but he hopes to break ground in October or November.
The development will be designed by Brininstool + Lynch. I hope to have some better renderings soon, but for now, all I’ve got is this little photo from a recent Inside Lincoln Park article.
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