CHICAGO, IL - Structured Development and Evergreen Real Estate Group, along with Ald. Walter Burnett Jr. and representatives from the Chicago Housing Authority (CHA), Illinois Housing Development Authority (IHDA) and other project partners, came together yesterday for a ribbon-cutting ceremony for Schiller Place Apartments, a three-building, 48-unit mixed-income rental community at 711, 731 and 749 W. Schiller St. on Chicago’s Near North Side.
Located immediately south of Structured’s award-winning NEWCITY development, on land that was formerly home of the Isham YMCA, Schiller Place is helping preserve housing affordability in the Clybourn Corridor. It comprises three four-story elevator buildings, each with eight one-bedroom and eight two-bedroom apartments. Demonstrating the demand for attainably priced housing, all 48 units are fully leased.
“The development of Schiller Place fulfills a promise to help bring more inclusionary housing to Chicago’s Near North Side,” said Mike Drew, founding principal of Structured Development. “We, like Ald. Burnett and the city of Chicago, want to ensure longtime residents of the neighborhood are not displaced by ongoing development. Schiller Place is a model for the kind of inclusive housing that the city wants to promote, where people across income levels can live together and benefit from the same community amenities.”
“Schiller Place aligns with our mission of creating quality housing for all Chicagoans, including disadvantaged groups that historically have had few options available to them,” said David Block, director of development for Evergreen Real Estate Group, which is leasing and managing the property. “As with many of our past projects, we truly appreciate our partnerships with city and state agencies like IHDA and the CHA, as well as elected officials and the many project partners who worked tirelessly to bring this project to fruition.”
“Thriving communities – communities that are diverse by race and income – do not happen by accident; they require intentional actions,” said CHA Chief Executive Officer Tracey Scott. “At CHA, we will continue to work with all of our public and private sector partners to create more affordable housing opportunities and build strong communities where all residents, regardless of income, have the freedom to make choices and be successful.”
Apartments at Schiller Place include six market-rate units, 24 reserved for CHA residents, 13 set aside for households earning up to 60% of the area median income (AMI), and five rented at 30% AMI. Five of the units have a preference for veterans and an additional five will house individuals sourced through the Statewide Referral Network, which works with households earning at or below 30% of AMI, with a head of household who has a disability or illness.
“I am elated about the opening of Schiller Place, which provides 42 units of affordable and CHA housing – a commitment that was made by the development team before there was a requirement to do so,” said Ald. Burnett. “Schiller Place offers individuals and families a newly constructed home at an affordable cost, with public transit, a grocery store and other neighborhood amenities just steps away. I want to thank Structured and Evergreen for fulfilling their promise with a development that provides quality rental housing across income levels.”
“We are proud to support affordable housing initiatives like Schiller Place that transform our communities and positively impact the lives of their residents,” said Cheryl Wilson, managing director and head of U.S. Community Development Lending at CIBC Bank.
Apartments feature vinyl flooring throughout the unit; an appliance package including a refrigerator, range and dishwasher; and in-unit laundry. All buildings have a buzzer entrance and elevator and share 18 surface parking spaces.
GMA Construction, a Minority Business Enterprise (MBE), Veteran-Owned Small Business (VOSB) and Section 3 firm, served as general contractor on the project, which was designed by architecture firm Bailey Edward.
Funding for Schiller Place included federal 4% Low Income Housing Tax Credits awarded by IHDA and syndicated by Hudson Housing Capital; Illinois Affordable Housing Tax Credits awarded by IHDA, syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide on-site social services to residents; a permanent loan from the Illinois Affordable Housing Trust Fund provided by IHDA; predevelopment financing from IFF; construction financing from CIBC Bank; and a first mortgage from IHDA.
The new community is located across the street from a Mariano’s grocery store that is part of the NEWCITY complex and close to other shops, restaurants, banks and healthcare services along the Clybourn Corridor. Also within walking distance are several parks, the Wild Mile Chicago and several public transit options, including the North/Clybourn Red Line station and several bus lines.
Located less than 2 miles from downtown Chicago, Schiller Place offers easy access to DuSable Lake Shore Drive and I-90/94.
About Evergreen Real Estate Group: Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires, and manages affordable and market-rate multifamily apartments for both seniors and families across 11 states. Evergreen specializes in thoughtful, creative residential development solutions -- from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages more than 10,000 units of multifamily housing. For more information, visit www.evergreenreg.com
About Structured Development: Structured Development is a Chicago-based real estate development company formed in January 2002 to pursue unique real estate development opportunities. The company thrives on engaging in complex real estate transactions encompassing a range of property types, including retail, residential, mixed-use and industrial. Whether working with partners or independently, Structured Development strives to unlock and enhance the unseen value of real estate, simultaneously enriching urban and suburban landscapes through sustainable and innovative development practices. For more information, visit www.strdev.com