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Austin Development Getting TIF Help

CHICAGO-A $13.2-million project will add 26 townhouses and 15 condominiums in the 400 block of North Waller Avenue. It's an area that has seen minimal residential development since the 1960s.

By Mark Ruda | Updated on January 11, 2006

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

CHICAGO-Developers of some of the newest multifamily construction in the Austin community since the 1960s will get $1.3 million in tax increment financing to help build 41 townhouse and condominium units. Lake and Waller, LLC will build 26 townhouses on land it already owns on the southwest corner of Race and Waller avenues, and 15 condominiums on city-owned land at the northwest corner of Lake Street and Waller Avenue.

In addition to pricing nine condominiums at rates deemed affordable to households earning less than the area median income, the partnership that includes former Chicago park district boss David Doig’s GenOne Group will pay $196,500 for the city-owned lot, its most recent appraised value. Prices in the $13.2-million development will range from $181,500 for two-bedroom, two-bath condominiums under the city’s affordable housing initiative to $350,000 for three-bedroom townhouses. The discounts on the nine affordable units total $390,000.

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