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City To Help $74M Housing Plan in Woodlawn

CHICAGO-A development group that includes the Davis Group and Magellan Development Services plans 210 single-family, townhouse and condominium units on city-owned land near 63rd Street and Woodlawn Avenue. The $74.3-million plan is the second phase following a 31-unit start.

By Mark Ruda | Updated on December 13, 2005

(To read more on the multifamily market, click here.)

CHICAGO-With the addition of LISC to the development team, Woodlawn Park II, LLC and city officials are hoping a 210-unit project has smoother sailing than its much smaller first phase. The $74.3-million single-family, condominium and townhouse throughout parts of six city blocks near 63rd Street and Woodlawn Avenue is the second phase following a 31-unit start.

Woodlawn Park II, which includes Davis Group and Magellan Development Services, will get $12.8 million in tax increment financing under a proposal endorsed Tuesday by the Community Development Commission. In addition, the city is selling land recently appraised at $7.8 million for less than half–$3.8 million.

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