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Development Update

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Another Roosevelt Square soiree has come and gone. Monday's meeting involving Alds. Danny Solis and Jason Ervin, developer Related Midwest, and interested neighbors addressed the pair of proposed residential blocks at 1255 and 1355 W Roosevelt. As previously revealed, these buildings will combine for 120 rental units, 20% of which will be set aside as public housing. Planned for the former site of the CHA's ABLA Homes, the replacement ratio is governed by the one-third formula: one-third each of market, affordable, and public housing units. The standing plan would seem to defy this, except that Related's Curt Bailey insists existing affordable units are already "much higher" than the requirement. The Aldermen signed off on an extension of the life of the TIF district—and a $25M chunk-o-change—over the objections of some. [DNAinfo, previously]