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Denied: St. Boniface Developer Loses Low Income Tax Credits

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Four substantial buildings have been demolished on the old Saint Boniface property in Noble Square in the last 20 years: two convents, a school, and, just last year, a rectory. The property's new owner (as of late 2010), Institutional Project Management (IPM), is only responsible for the latest razing and it's had a really rough time getting its church redevelopment plan greenlighted. IPM had scaled down its senior housing units from 125 to 90 to 84 to 54 by the time it applied for Low Income Housing Tax Credits from the state in August. The project once entailed a complete restoration of the 1902 church and construction of an adjoining residential structure. In recent months, the fate of the secondary structure has become uncertain. Parking may take its place entirely (as in the accompanying rendering) or in part. Click here for previous iterations which will not be used. And then this: Curbed received a tip directing us new info showing the denial of tax credits. IPM has until November 30th to demonstrate sound funding to the city. If it wins an April extension there may be time to find alternate sources of funding for this significant conversion, of particular interest to the local community and preservationists. This is all very strange considering the likely alternative is more demolition.
·Official Site: Saint Boniface Info
·St. Boniface Developer Changes Plan, Opts to Keep Church Intact [Curbed Chicago]

St. Boniface

1358 West Chestnut Street, Chicago, IL 60642