The Chicago City Council has approved tax incentives for four redevelopment projects across the city including Uptown, Humboldt Park, Chatham, and New City. All but one of the developments are new with the other being an extension of an existing credit, the incentive is as follows; commercial developments will be taxed at 10 percent for the first 10 years, 15 percent for the 11th year, and 20 percent for the 12th year before rising to the standard 25 percent thereafter. The two classes in this round of approvals are 6(b) due to new construction and 7(a) for redevelopment under $2 million.
Articles by Ian Achong
Updated details have been revealed for a new residential expansion to an existing building at 3150 N Racine Avenue in Lakeview. Located on the southwest corner with W Belmont Avenue, the existing building is owned and operated by Mercy Housing as supportive apartments. Developer Belray Limited has tapped local designer Landon Bone Baker for the expansion to the affordable housing project that will replace the adjoining parking lot with added units.
To ring in the new year, plans for a new mega-development have been revealed for the parking lots surrounding the Apostolic Church of God in Woodlawn. Dubbed ‘Woodlawn Central’ the project would redevelop eight parcels of vacant land and parking lots into 1.25 million square feet of mixed-use space focused on benefiting the area. The large team includes the church, The University of Chicago, the Preservation of Affordable Housing, Citibank, AECOM as well as SOM and Gensler on the design side.
New details have been revealed for a new mixed-use development at 1134 S Wood Street in the Illinois Medical District. Located adjacent to an existing two-story medical facility run by the project’s developer The Chicago Lighthouse, the new structure would replace the existing corner parking lot and expand the services offered on-site with new residences. Chicago Lighthouse is partnering with Brinshore Development on the project with Landon Bone Baker Architects as the designers.
Claiming the second place in the Chicago YIMBY 2021 countdown is the east tower of One Chicago, which tops out at 971 feet tall in River North. Part of One Chicago’s two-building complex is the west tower which claimed the sixth place in the countdown, the structures replaced a parking lot that once belonged to the Holy Name Cathedral across the street. Developer JDL teamed up with Hartshorne Plunkard Architecture and Goettsch Partners on the Art Deco-inspired skyscraper which also claims the eighth tallest spot in the skyline per CTBUH.