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Council OK’s TIF Benefits for Former Harold Ickes Homes Site
The first phase of the planned Southbridge mixed-income housing project on the Near South Side will move forward through financial incentives approved this week by Chicago’s City Council. They include $17 million in tax increment financing, and a $22-million loan from the Chicago Housing Authority (CHA).
Planned to rise on the site of the former Harold Ickes Homes public housing complex, which was razed in 2010, the Southbridge complex is being developed as a joint venture between The Community Builders and McCaffery Interests. Its $97-million initial phase will include a pair of 103-unit, six-story buildings with approximately 16,000 square feet of combined ground floor commercial space.
A total of 68 of the apartments will be reserved for CHA residents, 26 will be rented at affordable rents and 112 will be offered at market rates. Future phases on the 11.3-acre site will include more than 600 residential units and 40,000 square feet of commercial space.
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