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Rogers Park SRO Renovation Lands City Help

CHICAGO-GKM Partners is spending $2.6 million to renovate a 44-unit building it acquired in 2003 for $1.1 million. The developers are in line to receive $400,000 in tax increment financing.

By Mark Ruda | Updated on July 05, 2005

CHICAGO-A single-room-occupancy multifamily building in the Rogers Park neighborhood will undergo a $2.6-million renovation. The city is contributing $400,000 in tax increment financing to help rehab the Ashland Arms at 6406-12 N. Clark St.

GKM Partners bought the 92-year-old building in 2003, says department of planning and development project manager Michelle Dewlen, when the 44-unit SRO was “beyond delapidation, with pages of code violations.” The renovation will create 20 affordable rental units, 12 of them studios and the other eight one-bedroom units. The project also will create three retail spaces on the first floor.

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