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$17M in TIF Proposed for Phase 1 of Ickes Homes Redevelopment

A joint venture of Boston-based Community Builders and locally-based McCaffery Interests would receive up to $17 million in tax increment financing (TIF), as well as other public funding sources, for the first phase of a mixed-income project on the Near South Side. It will rise on the site of the former Harold Ickes Homes public housing complex.

The JV was chosen by the Chicago Housing Authority in 2015 to lead redevelopment of the Ickes complex, which was razed in 2010.

Phase one of the JV’s proposed Southbridge project would include 206 apartments, 112 of which would be at market rate. Mayor Rahm Emanuel recently proposed the $17 million TIF as well as a $4.8-million loan.

Future phases of Southbridge will add more than 600 residential units and 40,000 square feet of commercial space. These would also receive public funds under incentives Emanuel introduced to the City Council on Wednesday.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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