New Oakland townhomes to be complete in fall 2017
Pershing Oakland Development LLC is planning a $2.7 million project in a 0.14-acre plot of land in Oakland.
Mayor Rahm Emanuel presented to City Council a 10 market-rate townhome plan to be constructed by Pershing Oakland Development LLC on a vacant lot owned by the city at 3903 S. Lake Park Ave. The plot would be sold for its appraised value of $28,000.
The developer is required to pay a $50,000 fee into the city’s Affordable Housing Opportunity Fund to complete the sale. The fund is used to support the development and rehabilitation of affordable homes across the city.
The townhouses will start at $359,000. Each unit will be approximately 2,400 square feet across four stories with three bedrooms and three bathrooms.
The 10 townhomes are expected to be built by the fall of 2017.
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121 N LaSalle St
Chicago, IL 60602