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Development Update: City Hyde Park

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If the city can dole out $20M in TIFs to Harper Court, why not also kick $11.3M to City Hyde Park just up the block? The city has already proposed the subsidy for developer Antheus Capital, to help with the $114M project cost. At play: a mid-rise and 20-story tower with 182 apartments (38 below-market rate), 350 parking spaces, and 120,000 square feet of retail. Apparently, Antheus needs the shot in the arm to help offset the affordable unit component and the cost of putting parking underground. Antheus is still seeking a $69M construction loan to make tangible things happen at 5100 S Lake Park Avenue. City Hyde Park will replace the existing shopping center and usher in designer groceries a la Whole Foods. According to the TIF report, it may also include a Michael's crafts store and a T.J. Max. Leave the mom-and-pops to Harper Court. [Crain's, previously]