Chicago City Wire

As part of the CHA Move Forward Plan, Phase One of the Oak and Larrabee development will be constructed in the near north area known as Cabrini. The seven-story elevator building will feature 78 mixed-income, multi-family rental units.

Of the 78 units, 54 will be affordable to individuals and families at 30-80% of the Area Median Income (AMI), and the remaining 24 units will rent to market rate households. Other amenities include a community space on the main floor, a fitness center, and an outdoor patio on the second floor with raised bed gardens and a grilling area.

Following the authorization of a TIF redevelopment agreement as well as a transfer of Illinois Affordable Housing Tax Credit proceeds generated by the sale of these tax credits, the project is expected to cost approximately $54 million. Of the funding costs, the City will provide $14 million in TIF funds from the Near North TIF and $1.1 million in Donation Tax Credits. In addition to providing a long-term ground lease for the use of the land, the CHA will also provide a loan for nearly $11 million.

Oak-Larrabee, LLC has been designated as the developer for the project, which is expected to produce approximately 100 temporary construction jobs.