City Council approves $14 million TIF for residential development at Oak/Larrabee

The Chicago City Council has approved $14 million in TIF funding for a mixed-income residential development at 955 N. Larrabee. Planned by Brinshore Development and The Michaels Organization, the project site is located at the southeast corner of W. Oak St and N. Larrabee St. 

Designed by Pappageorge Haymes, the seven-story residential building would include 78 mixed-income rental apartments. The building will include 37 public housing to RAD units, 10 affordable units at 30% and 60% AMI, 7 workforce units at 79% AMI, and 24 market-rate units. The unit mix will have 10 studios, 27 one-beds, 35 two-beds, and 6 three-beds. Residents will have access to 39 car parking spaces and 45 bike parking spaces as well as indoor/outdoor community spaces, raised garden beds, a grilling area, and a fitness center.

The $52.9 million development will be funded with a variety of sources, including $14 million in TIF funding, $13.6 million in LIHTC equity, $2 million in Illinois Affordable Housing Tax credit equity, $2.3 million in COVID Affordable Housing Grant proceeds, a $625,000 deferred developer fee, a $6.3 million IHDA Permanent Loan, $3.3 million in seller's notes, and $11 million in CHA Loan Funds.

With approval from the City Council, the project’s TIF funding and redevelopment agreement is approved. The developers can move forward with working towards financial closing and pulling permits for the construction. Permits have been filed for the construction and undergoing the city review process.