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Developers Chart Plans in Kenwood, Oakland

CHICAGO-Three separate development teams are proposing residential projects with 44 multifamily units--some earmarked for buyers qualifying under the city's affordable housing initiative. Combined, the developments total $21 million.

By Mark Ruda | Updated on January 03, 2006

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

CHICAGO-Redevelopment in the Kenwood-Oakland community will continue this year with 44 multifamily units in projects totaling $21 million. The projects are being aided by sales of city-owned land, some at a discount for the developers, after the deals were recently endorsed by the Community Development Commission.

A development group that includes builder Kimball Hill Homes plans to build eight affordable condominium units along with 16 single-family homes in a $9.3-million project in the 4300 blocks of Berkeley, Ellis and Greenwood avenues. The city is selling 14 parcels totaling 45,000 sf, recently appraised at $1.3 million, for $800,000. Greenwood, Berkeley, Ellis LLC already owns four lots. The two- and three-bedroom condominiums, averaging 1,400 sf, will likely sell for $158,000.

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