Parkside of Old Town‘s next rental mid-rise is going up at the northeast corner of Larrabee and Oak streets, two blocks south of Cabrini Green’s recently demolished 1230 North Larrabee high-rise. According to a Curbed post from December, The Oak will have 20 market-rate, 53 affordable, and 39 CHA replacement units spread throughout seven stories and adjacent townhomes.
Sounds like the same thing all over again, just in a new building. The only thing that will make a difference is if the managment company properly screens incoming tenants. Time will tell.
Also, we all know they will have a hard tome to rent the market units, whilea cross the city at R459 (?) they can’t sell the affordable units. Ironic.
Alan,
You’re the only one who “knows” that the market-rate units will be hard to rent.
What experience do you base that on, Alan?
Pull the information from all the CHA mixed projects with simlar ratio’s of market vs affordable/CHA. It would make for a great conversation.
Alan,
Since you’re suggesting that those numbers will support your thesis it’s up to you to document it.
In the meantime, everyone can simply assume that you have no experience and no numbers to back up what you say everyone knows.
Great conversations don’t happen when they start with “we all know” but no evidence to back up the statement.
I don’t know of a single mixed-income project on the north side that hasn’t worked well.
Mixed-income rental has worked well. Market units are not that hard to rent, and the buildings are generaly nice.