Markets & EconomyRentals

Development on Near North Side promises 900 mixed-income units

Site 3 likely to be the first parcel developed
  • The smallest parcel, site 3, should be the easiest to finance and develop.
  • Sites 1 and 2 both require developers to build new alleys and streets, in addition to housing.
  • The first phase of Cabrini Green still has a long way to go before construction commences on any of the sites.

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By late-2016 Near North Side residents should have a clearer picture of what the redeveloped, mixed-income neighborhood once known as Cabrini Green will look like. Chicago's Department of Planning and Development (DPD) recently issued a request for proposals (RFP) for the first phase of the Near North Tax Increment Finance Redevelopment Area, with a pre-submittal conference for developers set for February 5. The first phase will consist of three housing sites that make up roughly 17 acres. Together the sites will house around 900 units. The final date developers can submit a proposal for any of the sites is April 29. Ideal project start dates are sometime in 2017; however, groundbreakings are ultimately dependent on how well negotiations go between the city and selected developers, said Benet Haller, director of urban design and planning for the DPD. Development on Near North Side to start small "The smallest site (Site 3) will probably be the first to be developed,"...