You know it now as the old site of the Chicago Bridge and Iron Company, but soon hundreds of people might be calling the stretch of land at 105th Street and South Vincennes Avenue home.
The contaminated light-industrial land has apparently been cleaned up to EPA standards, and the city is stumping up $11.6 million in tax increment financing (TIF) assistance for “Renaissance at Beverly Hills.”
It’s a development of 122 single-family houses and 53 townhomes with market-rate prices ranging from the $230s to the $420s. Twenty percent of the project will be affordable housing.
The Planning Commission gave developers MGM/The Terrell Group the nod this week and the project awaits a final vote from City Hall. If it gets the go-ahead, a grimy corner of the city will be turning enviro-friendly, planners say. The homes will feature green roofs and appliances.