(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
CHICAGO-A venture of the Davis Group, Stateway Associates and Walsh Construction are starting the $42 million phase two of the Parkside Boulevard affordable housing development, at the site of the former Stateway Gardens projects on the South Side. New York City-based Centerline Capital Group will provide $9.1 million to the phase, which will include 128 units.
The former 1,644-unit Stateway Gardens towers of the Chicago Housing Authority, next to the infamous Robert Taylor Homes, were torn down in 2006-7. The authority is now providing support to the new Park Boulevard project, with assistance from the city’s Department of Housing and Economic Development. Financing is also being provided by US Bank and US Bancorp.
The first phase of the project saw 439 new units constructed, which includes affordable and market rate units, as well as 17,000 square feet of retail. The second phase will include four buildings on a 2-acre site, including a five-story, 80-unit building, a five-story, 36-unit building and two three-story, six-unit walk-ups. There will be 46 public-housing units and 54 non-public housing units, and 29-market units.
A spokesman with Centerline tells GlobeSt.com that the Parkside project is a large project with outstanding real estate fundamentals. He says his firm has already applied to help finance the next phase of the project, which is supposed to include 110 more affordable and market-rate units. “If we participate in the next stage will most likely depend on specific market characteristics existing at the time the project is ready to proceed,” the spokesman says. “Thus far, it seems to be a worthwhile and interesting project.”
Centerline, a subsidiary of Centerline Holding Co., has raised more than $10 billion in equity across 136 funds and has invested in more than 1,300 assets spanning 47 states. The Park Boulevard project is one of 16 projects spanning 10 states in the company’s latest fund, CCP38, which recently closed at $119 million.
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