Related Midwest opened three new apartment buildings in the latest phase of Roosevelt Square, its 67-acre redevelopment on the Near West Side.
This portion of phase 3B brings online 207 mixed-income residences — including 75 public-housing units — in buildings at 1002 S. Racine Ave., 1257 W. Roosevelt Road and 1357 W. Roosevelt Road. With the openings, Roosevelt Square has brought almost 900 of 2,000 planned mixed-income apartments to market since work began in 2006.
The project has been funded with $17 million in Tax Increment Financing and $2.5 million in Donation Tax Credits from the Chicago Department of Housing, as well as $76.25 million in tax-exempt bonds from the City of Chicago that generated $5.29 million in 4% Low-Income Housing Tax Credits.
The twin six-story buildings at 1257 and 1357 West Roosevelt were designed by Chicago-based DesignBridge. Each building includes 70 apartments with studio, one-, two- and three-bedroom floor plans ranging from 556 to 1,191 square feet. Monthly market-rate rents range from $1,650 for studios to $3,725 for three bedrooms.
The six-story building at 1002 S. Racine was designed by Landon Bone Baker Architects and Moody Nolan and houses 67 studio, one- and two-bedroom apartments ranging from 556 to 1,191 square feet. Monthly rent for market-rate residences range from $1,800 for studios to $2,525 for two-bedrooms.
Phase 3B also includes the renovation of the last remaining Jane Addams Homes building at 919 S. Ada St., which now houses the National Public Housing Museum and 15 apartments.
“With the opening of this newest phase, [Chicago Housing Authority] and Related have now completed 900 residential apartments at Roosevelt Square,” CHA Interim CEO Angela Hurlock said in a press release. “Public-private partnerships like this one aim to do more than provide housing opportunities — they seek to open pathways to long-term financial stability for low-income families and preserve the social and economic diversity that makes neighborhoods like the Near West Side so vibrant.