CDC approves $15 million in TIF for 838 W. 79th

The Community Development Commission has approved $15 million in TIF financing for a mixed-use development planned for 79th St in Auburn Gresham. Planned by Imagine Group and Evergreen Real Estate Group, the proposal was the winning bid of the Auburn Gresham Invest South/West RFP. Originally one site at 838 W 79th St, the project has evolved and expanded to include another city-owned site at 757 W 79th St. 

With Ross Barney Architects leading the design, the project has undergone many changes as a result of feedback from the community. In its final iteration, the building at the original site of 838 W 79th St will stand three floors holding 28 units and 28 parking spaces. The ground floor will also offer ground floor retail space to bring retailers to this area and create jobs. 

At 757 W 79th St, the newly proposed four-story building will hold 30 residential units and offer ground floor commercial space. All of the residential apartments in both buildings will be designated as affordable at up to 60% AMI. 

As reported by the city planning department, the city-owned land at 838 W 79th St has been vacant for over 20 years and 757 W 79th St has been vacant since the city performed an emergency demolition in 2012. 

The $40 million project is being financed through numerous streams including $17 million in LIHTC equity, $15 million in TIF, $1 million in a mortgage, $3 million from the State of Illinois DCEO, as well as other sources. The city will be performing a land write down to $1 per parcel on land valued at $184,000.

As part of this approval, the city will enter into a land sale agreement and designate Evergreen Real Estate Group and Imagine Group as developers of this site. This approval from the Community Development Commission will now need a final stamp of approval from City Council. Construction is expected to begin later in 2022 with a completion target for 2023.