Six Developers to Build More than 100 Housing Units on South, West Sides – ryan

The Chicago Department of Planning and Development has Tapped Six Development Teams to Build More than 100 Units of Housing Across the South and West. It ‘The Latest Push in a City-LEED INITIATIVE TO BUILD MORE HOUSING THAT’S AFFORDable for Middle-Class Families.

The Teams, WHICH WERE ANNOUNCED LAST WEEK, Expand the City Middle Middle Initiative Initiative Three South Side NeighBorhods, and the Projects Range from $ 3.7 Million to $ 8.8 Million. The program aims to turn Vacant City Land Into Housing for Working Middle-Class Families, Repopulating Areas Where Families Have AFTER AFTER PRICED OUT.

The City SELLS The Vacant Lots to Developers for $ 1 and Once Built, The Homes Must Be Price at Market Rate.

“Missing Middle” References to the Hole in the Center of a Housing Supply that of the Includes More Low- and High-Density Properties Like Single-Family Homes and High-Rise apartments. Units in the Second Round of the program will range from townhomes to six-flats.

Between The Six Development Teams, 30 multi-unit buildings with 108 Total Units Will Be Built, Accounting to the Planning Department.

“Market Rate Housing Construction is essential to dpd’s neighborhood repopulation and wealth-building goals; Boattright Said in a News Release.

Launched in Fall 2024, The Missing Middle Infill Housing Began with 40 Vacant Lots in the West Side NeighBorhod of North Lawndale, Which Will Be Developed More than 100 Housing Units. The Department opened Applications for the Second Round of the Program in April, with 54 Lots in Chathham, South Chicago and Morgan Park on the South.

The Six Teams Were Chosen from A Pool of 38 Applicants. Each Winning Team Was Awarded A “Cluster” of Four to Six Vacant Lots. In adding to selling the lots for $ 1, the May May Award Developers Up to $ 150,000 per unit to help with Construction Costs. Once Complete, Owner-OCCUPANTS Can Purchase Entire Buildings and Lease the Remaining Units to Renters, Accounting to the Planning Department.

Far South Community Development Corp. Was Among the Six Teams Selected for the Program’s Second Round. The Corporation Applied for All Five Clusters in Morgan Park and Was Awarded a Group of Lots that Includes 10726-34 S. Loomis St. and 10826 S. Bishop St.

FAR SOUTH CDC PLANS TO BUILD FOUR SIX-FLATS, Investing $ 7.8 Million.

Abraham Lacy, President of Far South CDC, Said the Corporation Will Meet With Residents and Examine NeighBorhod Dynamics before deciding if the Buildings will be apartments or condos.

Still, Lacy Said there are Enough Two-Flatons or Buildings with More than Two Units in Morgan Park to Strike A “Healthy Balance.”

He Also Said Morgan Park is a NeighBorhood Where Someone Can Transition from A Renter to Homeowner, Compared to NeighBorhods Like Hyde Park and Edgewater Where Homes Can Pricier. MISSING MIDDLE Housing Where an Owner-OCCUPIER CAN OUT THE REST OF THE BUILDING’S CAN HELP WITH WEALTH-BUILDING AND THE TRANSITION TO HOMOWNERSHIP.

“THIS IS A PLACE WHERE WE WANT TO CREATE A DESTINATION FOR PEOPLE TO LIVE AND WORK,” LACY SAID. “Missing Middle Helps Facilitate That to Where … It is not just just a place to come into and movies on you, but it is a place of you to come into and say, ‘this is where I’m going to plant my roots and be able to generate my family.’

Lacy Said the City Wants to Move Fast. He anticipates breaking grind in the spring, with units being available in the first half of 2027.

Project Simeon 2000, A NonProfit Group Formed by Simeon Career Academy Alumni, was also selected for the program. The Group’s $ 3.7 Million Project Will Create Four Three-Flats in West Chatham, Acciting to the Planning Department.

“Project Simeon 2000 is honored to be among the organizations selected for the Missing Middle Initiative,” The Rev. Joaquin K. Barry, who serves as a manager at the nonprofit, said in a staff to the chicago sun-time. “This New Project Will Bring Together Businesses, Nonprofits, Community Members and Young People. We are Ready to Get Started.”

Other Developers Include Famor, A Chicago Limited Liability Corporation Registered to Latrese Williams; NHS Redevelopment Corp., A West Loop-Based nonprofit that buys, rehabs and sells homes; Toro Construction Corp., An Orland Park-Based General Contractor, and Superior Source Capital, A Mortgage Brokerage Firm in Chicago.