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Ex-NFL Player Helping Build Neighborhood

CHICAGO-Pat Terrell is on the development team for the $75.5-million Renaissance at Beverly Ridge at I-57 and 107th Street. There, 20% of the 233 single-family, townhouse and condominium units will be earmarked for buyers earning less than the area median income.

By Mark Ruda | Updated on December 14, 2005

(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.

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