Another phase in the Park Boulevard mixed-income mega development is coming to fruition, reports the Chicago Real Estate Daily. The 108-unit addition pretty much duplicates the 128-unit phase now under construction in the blocks surrounding State & 36th, the former site of the Stateway Gardens housing project. Much like that phase, the rentals will be split in thirds among CHA, 'affordable', and market-rate units. And the price tag—$41M— is also about the same. The development venture, led by the Chicago-based Walsh Group and Mesa Development, is banking on unit size, price point, and the rental sector's strength to lure market-rate renters from more traditional South Side outposts like Hyde Park, Kenwood, and the South Loop. "Here, you can get far more unit than you can get in the South Loop area or in Hyde Park," notes real estate consultant James Kutill. "It's filling in a hole between Hyde Park and the greater South Loop." The 108 units will be distributed between three 12-unit buildings and one 72-unit building at 3720 S Dearborn.
Taken together with the soon-to-open phase 2 and existing units, Park Boulevard has amassed 475 residences including ownership units as part of phase 1. A grand total of 1,316 units are planned for Park Boulevard, including scattered sites. It's been a sluggish endeavor indeed, but with TIF money, affordable housing tax credits, and outside investment, the project keeps plodding along. There's no timetable yet for the new phase, but units currently under construction are set to open this year.
·$41 million rental phase on tap at former Stateway Gardens [Crain's]
·What's Up With Bronzeville's Park Boulevard, Phase 2? [Curbed Chicago]