Chicago Construction News staff writer
Chicago’s Community Development Commission has approved more than $220 million in new investment, advancing plans for a mixed-income housing development in Morgan Park and an office-to-hotel conversion project in the Loop.
At its May 11 meeting, the commission approved $5 million in tax increment financing (TIF) assistance and the transfer of city-owned land for Morgan Park Commons, a $54.6 million mixed-income housing proposal led by Far South Community Development Corporation and Preservation of Affordable Housing (POAH).
The project, planned for 11420 S. Halsted St. in the Morgan Park neighbourhood, will include two buildings with 70 residential units, 66 of which will be designated as affordable housing.
The development forms part of the broader 13-acre Morgan Park Commons initiative. Officials said a portion of the 6.5-acre city-owned property will be reserved for future phases of the project, including development of a two-acre public park that will connect to the Major Taylor Trail.
The commission also approved a $50 million TIF loan for The Prime Group and Capri Interests LLC to support a $166.5 million adaptive reuse project at 111 W. Monroe St. in the Loop.
Plans for the landmark building call for the conversion of approximately 275,000 square feet of former office space into a 327-room hotel with associated amenities.
City officials said the projects are intended to support affordable housing growth, neighbourhood revitalization and downtown redevelopment through adaptive reuse of underutilized office properties.
