Before the Near West TIF district expires at the end of the year, the city is squeezing in $3.1M in TIF assistance for a 61-unit supportive housing project on Lake just east of Halsted. The site is pinned against the "L" and Kennedy and its three-story brick building is home to the Mellos Peanut Company. The company would vacate and the structure would come down to allow for a nine-story construction. The undertaking is Interfaith Housing Development Corp's and the builder is Mark IV Realty Group. The provider's focus is on supportive housing for the homeless and those at risk of becoming homeless. Scott Maesel of brokerage Sperry Van Ness LLC doesn't "understand the reasoning" for this location, given its context in a burgeoning 'luxury' scene. Another affordable housing conversion on the opposite side of the 'hood finished up in April, so the context is probably more varied than some assume.
Don't confuse these 61 units with another 61 apartments being delivered throughout the neighborhood by Michigan Avenue Real Estate. One will likely be accepted — even celebrated — by the neighborhood while the other will almost surely face hostility. Can you guess which is which?
·City panel approves TIF subsidy for West Loop affordable housing [Crain's]
·Renovation Watch: The Viceroy [Curbed Chicago]