CHICAGO— Today, Mayor Brandon Johnson joined Ald. Walter Red Burnett, Department of Housing Commissioner Lissette Castañeda, Chicago Housing Authority Chief of Staff Kamena Brooks, Peter Holsten of Holsten Real Estate Development Corporation, the Rev.
Randall K.
Blakey of Cabrini Green LAC Community Development Corporation, and members of the Cabrini-Green community to cut the ribbon on Parkside Phase 5, a brand new mixed-income development that brings 99 mixed-income homes to the rapidly revitalizing community.
“30 years ago, bulldozers descended on our communities carrying with them a promise of ‘transformation,’ today we are coming together to celebrate some small level of restitution as we work to rebuild our communities and make up for years of failed leadership that left Black and Brown Chicago behind,” said Mayor Brandon Johnson. “With this investment, we are restoring this place as a cornerstone of the neighborhood where Chicagoans can find an affordable home, raise their families, and build a community.
Today we take another step in our journey to deliver new affordable homes, reinvest in long neglected communities, and provide homeownership pathways across our city.”
The City-backed project is made up of an eight-story mid-rise with attached townhomes and three three-flat walk-up buildings collectively housing 65 affordable homes and 34 market-rate units.
The affordable units include 37 CHA replacement homes supported by RAD project-based vouchers and 28 units available to households earning between 50% and 60% of the Area Median Income.
“For decades, Cabrini-Green was a vibrant community full of families, culture, and pride.
That pride can be felt in rooms where former residents proudly call out their old street addresses, remembering not only the structures that once stood here but more importantly the memories that were built here.
And today, we honor that history while continuing the work of building a stronger, resilient neighborhood for current and future residents,” saidCHA Chief of Staff Kemena Brooks. “Parkside of Old Town has been central to that effort—bringing new homes, new opportunities, and a new chapter to this historic part of Chicago.”
“As this final phase of Parkside nears completion, we are reminded of the promises that were made over 25 years ago—those of inclusion, of hope and community,” said Jackie Taylor Holsten, Executive Director, Holsten Human Capital Development. “Although it took a long time to get to today—from The Plan for Transformation to cutting the ribbon at 520 Hobbie—we are proud of the accomplishments of each of the partnerships with community groups, the residents, the programs, the grants, the integration of public housing, affordable housing, and market-rate housing to truly embrace what community means.
Together, we make Parkside of Old Town home.”
The City supported the $65.8 million development with $16.4 million in Near North TIF assistance, up to $4.25 million in Department of Housing Multi-Family Program funds, and a 9% Low-Income Housing Tax Credit allocation generating approximately $17 million in equity.
The CHA contributed approximately $32.5 million, including an $11.5 million capital loan and approximately $21 million in projected operating subsidy over 20 years for the 37 CHA-assisted homes.
“The majority of the units of this development will be for families and individuals on the CHA’s waitlist and for those who need affordable housing,” saidDOH Commissioner Castañeda. “That means that this development will feature 65 new units of housing available to working class families.”
Parkside Phase 5 offers a diverse array of living options, with larger family-sized units making up a significant share of the development.
The project includes nine studios, 28 one-bedrooms, 27 two-bedrooms, 27 three-bedrooms, and eight four-bedroom apartments.
The development team includes Parkside Associates, LLC; Holsten Real Estate Development Corporation; Cabrini-Green LAC Community Development Corporation; GMA and VOSB; and Landon Bone Baker & Brook Architecture.
The completed development offers residents amenities including a community room, garden, fitness center, dog park, and approximately 70 parking spaces.