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Development Update: Rosenwald Apartments

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The Rosenwald Apartments redevelopment scheme, like every big endeavor, has multiple stakeholders to appease. But, as David Roeder of the Sun-Times reports, a compromise might be closer than expected. Ald. Pat Dowell (3rd) and developers have just agreed to adjusted terms for the Bronzeville affordable housing rehab. The landmark 5-story structure, vacant since 2000, spans a full city block and encircles a two-acre courtyard. The development team had proposed 331 rental units and 21,000 square feet of retail. In accordance with the community's desires, those figures have changed to 235 and 75,000, respectively. Don't ask us how one goes about filling that much retail space in a destitute, crime-ridden area. But it's worth a shot. 138 of the total units will be dedicated to low-income seniors. The plan now goes before the city, and we should know shortly whether or not $5M in "neighborhood stabilization funds" and $25M in TIFs will be awarded. [Sun-Times, previously]