Chicago Construction News staff writer
Construction is underway on the next phase of the Roosevelt Square development which will create 222 new units and upgrade 184 affordable apartments.
CHA officials were joined by city and community leaders for the ceremony Monday morning.
The renovated apartments will get new floors, cabinets, countertops, appliances and energy-efficient systems, officials said.
The $172 million project, spearheaded by the Chicago Housing Authority and developer Related Midwest, is being funded by a mix of private and public money. This phase of the project could wrap by 2024.
CIBC is one financial supporter for the new construction, acquisition/rehabilitation, and adaptive reuse of 406 residential units and 10,000 sq. ft. of commercial space across 42 buildings.
“At CIBC, we prioritize the availability of safe, affordable housing and the preservation of our communities,” said Shawn Beber, senior executive vice president, US Region.
“Roosevelt Square will become a haven for residents and provide opportunities for business owners, and as we’ve seen in other projects, investments like this can improve quality of life, provide job opportunities and increase public safety.”
CIBC Bank USA partnered with BMO Harris Bank N.A. to provide two construction period loans, $52.9 million in equity generated by Low Income Housing Tax Credits and $2.25 million in equity generated by Illinois Donations Tax Credits.