Like it or not, Wilson Yard is here. The mayor, Alderman Shiller, and developer Peter Holsten were on hand to cut the ribbon on the massive mixed-income / mixed-use development in Uptown yesterday morning, marking this weekend’s debut of Wilson Yard’s Target department store as well as the recent opening of 178 affordable homes – 80 “family apartments” at 1026 W Montrose Ave with one, two and three bedrooms, and 98 one-bedroom rentals for seniors at 1032 W Montrose Ave.
Rents for the family apartments range from $670 to $1,050 a month and include most utilities. The homes are open to applicants who make 60 percent or less of the area median income, or $36,060 for a two-person household in Cook County. Occupancy is already at 70 percent, according to City Hall.
Rents for senior homes will be $650 a month. Senior applicants must be 55 or older and earn at or below 50 percent of the area median income ($26,300 for one person). The senior homes were funded by $20 million in tax exempt bonds, $6.8 million in loans, and $11.7 million in TIF money.