Chicago-based Structured Development has completed the first phase of an affordable for-sale townhouse project dubbed Harrison Row.
The seven homes occupy a once-vacant lot at the corner of W. Congress Parkway and S. Francisco Avenue along the southern edge of the East Garfield Park neighborhood.
Each new residence spans roughly 1,200 square feet and features three bedrooms and two and a half bathrooms. Pricing starts at $229,000 for qualified buyers earning up to 120% of the Area Median Income (AMI). Three of the homes are already under contract, and move-ins are expected to begin in the coming weeks.
Structured Development is building the Harrison Row project to fulfill its obligations under the city's Affordable Requirements Ordinance (ARO), which mandates that projects receiving a zoning change or other assistance from the city provide a percentage of affordable housing either on- or off-site.
In Structured's case, the affordability requirements were triggered by the approval for its "Shops at Big Deahl" project, a mixed-use high-rise in development at the corner of Dayton and Blackhawk in Lincoln Park.
This week's ribbon-cutting ceremony also signaled the launch of Harrison Row's second phase which includes an additional 26 townhomes. For phase two, Structured has engaged in a mentorship program and joint venture with Fain's Development LLC, an up-and-coming minority-owned firm led by Kevin Brinson and Quentin "Q" Addison. The local developer will share fee revenues, profit, and losses with Structured and will gain crucial experience to independently pursue future projects.
"As the industry has widely acknowledged, we need more diversity in real estate, including development," said Mike Drew, founding principal of Structured Development, in a statement.
"We’re grateful to Alderman Burnett for making the introduction to Fain’s Development, as we felt it was crucial to partner with a local firm. We look forward to them leveraging the lessons learned through this joint venture to achieve great successes on their own."
Future phases of Harrison Row could total as many as 50 affordable-rate townhomes replacing vacant lots to the immediate south, near the intersection of Harrison and Francisco. The project will create more opportunities for homeownership for low-income and working-class families on the city's West Side.