A 51-unit, transit-oriented development will be built on vacant City land next to East Garfield Park’s Kedzie Green Line station following financial incentives approved by City Council on April 15. The HUB32 project, planned by the Michaels Organization, KMW Communities, and TRUDelta Real Estate at 136 N. Kedzie Ave., is valued at $40.6 million and will receive a $14.5 million Tax Increment Financing loan as well as a $10 million multi-family loan in coordination with the Department of Housing.
Three City-owned lots, collectively valued at $330,000, will be sold for $1 each to support the development. The Department of Housing previously allocated $1.75 million in Low Income Housing Tax Credits to the project, which are expected to generate about $15.6 million in equity.
All one- to three-bedroom units in HUB32 will be available to households earning between 30% and 80% of the area’s median income. The development also includes 3,800 square feet of ground-floor retail space, along with interior parking for 12 cars and storage for 26 bicycles.
The site was selected from more than 30 responses to a Department of Planning and Development Request for Qualifications aimed at redeveloping the .43-acre parcel that has been largely vacant since the 1970s and owned by the City since the 1990s.
The project is expected to create approximately 300 construction jobs and provide employment for up to 11 permanent positions once fully occupied. The Chicago Department of Housing works across all city communities to combat historical segregation, advance housing equity for marginalized groups, manage federal housing funds through its Qualified Allocation Plan, enforce affordable housing ordinances, enhance access to safe homes, protect residents’ rights, and collaborate with advocates and officials on local housing issues, according to the official website.
