(To read more on the multifamily market, click here.)
CHICAGO-Former Notre Dame and NFL safety Pat Terrell is among the developers hoping to build 233 single-family, townhouse and condominium units on 24 acres at Interstate 57 and 107th Street, a $75.5-million project. The city is providing an $11.6-million tax increment financing subsidy, which will allow MGM/TGI 105th Street LLC to buy the 24 acres at the northwest corner of 107th Street and the expressway.
The developers of Renaissance at Beverly Ridge will set aside 20% of the units for buyers qualifying under the city's affordable housing initiative. In addition to single-family homes ranging up to 3,000 sf, the project includes townhouses ranging up to 1,800 sf and priced up to $289,000, as well as condominiums up to 1,150 sf priced up to $195,000, according to Department of Planning and Development project manager Randall Butts.
"We believe this is a wonderful project bringing a different type of housing to the area," says 21st Ward Alderman Howard Brookins Jr. He says the housing on the former Chicago Bridge & Iron site will help stem the tide of middle-class families leaving the city for the suburbs.
Although based in North Carolina, Terrell says Renaissance at Beverly Ridge is similar to a 90-unit project at 65th Street and Nashville Avenue on the Southwest Side. "We have a great opportunity here and a tremendous responsibility," says Terrell, drafted in the second round of the 1990 draft, two years after playing on the 1988 Fighting Irish national championship team. "We had an opportunity to do a complete neighborhood."
Terrell, who played for the St. Louis Rams, New York Jets, Carolina Panthers and Green Bay Packers after being drafted by the Los Angeles Raiders, says his team has a letter of commitment from Bridgeview Bank for construction financing. Hoping to start construction early next year, MGM/TGI 105th Street hopes to complete their new neighborhood in 2008.
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