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Financing Forces Developer to Add Units to Project

CHICAGO-Unable to get an $11-million HUD grant to help building affordable rental units for senior citizens, Wilson Yards developer Peter Holsten returns to city hall with a plan for 178 units in two buildings, 28 more than his earlier $113-million mixed-use proposal.

By Mark Ruda | Updated on August 21, 2005

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CHICAGO-Difficulty obtaining financing for the multifamily portion of his $113-million mixed-use project forced developer Peter Holsten to add units to his plans, which required a return trip to City Hall. It also reopened the controversy surrounding plans to develop the 5.7-acre Wilson Yards site at Broadway Street and Montrose Avenue.

Previously planning to build 150 rental units in two buildings, Holsten Real Estate Development Corp. now hopes to build at least 178 affordable units–100 of them in a tower earmarked for senior citizens and another 78 in a building for families. Tenants in the one-bedroom apartments in the seven-story senior citizens building will earn 60% of the area median income or less, while income limits in the other building will range from 30% of area median income to 80% of area median income. Also a seven-story building, it will include one-, two- and three-bedroom units.

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