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Development Update

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The Tribune is reporting that Ald. Michele Smith, 43rd, is maneuvering for a mandate for a higher percentage of affordable housing built into McCaffery Interests' plan for residential and commercial redevelopment of the soon-to-be-decommissioned Children's Memorial Hospital site in Lincoln Park. Negotiations are in progress, so we only know that, in Smith's opinion, the current 10% affordable mandate isn't enough. The city defines "affordable" as targeted at people who make 60 percent or less of Chicago's median income. Says Smith: "We're trying hard to make sure we provide homes (for) a wide range of incomes,". Smith is echoing the calls of the Lakeview Action Coalition, which has rallied on behalf of greater affordability and diversity in the neighborhood. McCaffery is eyeing a scheme for two 16-20 story rental towers, with a bounty of retail and open space. The old buildings will be decommissioned and ready for demolition this coming fall. The whole shebang, including any affordability mandates, still faces a City Council vote. [Trib, previously]