CDC approves $14 million TIF for Oak/Larrabee

The Community Development Commission has approved $14 million in TIF funding for a mixed-income residential development at 993 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 $54 million development will be funded with a variety of sources, including $6.3 million from a 1st Mortgage lender, $4.4 million in seller notes, $10.9 million in CHA funds, $14 million in TIF funding, $2.3 million in IHDA trust funds, $1.9 million in DTC equity, $13.6 million in LIHTC, and $600,000 in deferred developer fees.

With approval from the Community Development Commission, the developers will need approvals from City Hall and the City Council for the proposed TIF funding.