The Community Development Commission has approved $2 million in Tax Increment Financing (TIF) money for the Oakwood Shores Phase 3 development in Bronzeville. Located on two parcels, the project is the third installment of the overall plan to replace the CHA Madden/Wells housing development. The first plot is at 616 E Pershing Road, with the second parcel located at 552 E 38th Street. Both sites are currently vacant parcels. The Community Builders is the developer behind the project.
Designed by Brook Architecture, the two structures will both be three-story walk-up buildings. Holding 51 units, the mixed-income CHA project will provide 34 affordable units, with the remaining 17 apartments rented at market-rate. Out of the 34 affordable residences, 13 will be targeted at 30 percent of the Area Median Income (AMI) and 21 at 60 percent AMI. CHA rental subsidies will support 19 of the apartments. The unit breakdown will consist of 12 one-bedrooms, 24 two-bedrooms, and 15 three-bedroom residences.
The facade will be clad in stone and brick masonry with punched opening windows. Additionally, 34 parking spaces will be provided between the two sites, located on the rear of each property. The buildings will be Energy Star-rated and provide electric vehicle charging stations.
The commission approved $2 million in TIF funding to help kick off the $21.9 million project. Approval by the Chicago City Council is expected in July. Construction should begin this October and reach completion by January 2023.