Structured Development and Evergreen Real Estate Group held a ribbon cutting ceremony this week for Schiller Place Apartments. Joined by Ald. Walter Burnett Jr, representatives from the CHA, IHDA, and other project partners, the group celebrated the completion of the three-building development addressed at 711, 731 and 749 W. Schiller St.
“The development of Schiller Place fulfills a promise to help bring more inclusionary housing to Chicago’s Near North Side,” said Mike Drew, founding principal of Structured Development. “We, like Ald. Burnett and the city of Chicago, want to ensure longtime residents of the neighborhood are not displaced by ongoing development. Schiller Place is a model for the kind of inclusive housing that the city wants to promote, where people across income levels can live together and benefit from the same community amenities.”
Designed by Bailey Edward, the complex includes three identical buildings, each rising four floors and holding 16 residential units. Apartments include six market-rate units, 24 reserved for CHA residents, 13 set aside for households earning up to 60% of the area median income (AMI), and five rented at 30% AMI. Five of the units have a preference for veterans and an additional five will house individuals sourced through the Statewide Referral Network, which works with households earning at or below 30% of AMI, with a head of household who has a disability or illness. Demonstrating the demand for attainably priced housing, all 48 units are fully leased.
“Schiller Place aligns with our mission of creating quality housing for all Chicagoans, including disadvantaged groups that historically have had few options available to them,” said David Block, director of development for Evergreen Real Estate Group, which is leasing and managing the property. “As with many of our past projects, we truly appreciate our partnerships with city and state agencies like IHDA and the CHA, as well as elected officials and the many project partners who worked tirelessly to bring this project to fruition.”
Funding for Schiller Place included federal 4% Low Income Housing Tax Credits awarded by IHDA and syndicated by Hudson Housing Capital; Illinois Affordable Housing Tax Credits awarded by IHDA, syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide on-site social services to residents; a permanent loan from the Illinois Affordable Housing Trust Fund provided by IHDA; predevelopment financing from IFF; construction financing from CIBC Bank; and a first mortgage from IHDA.
“I am elated about the opening of Schiller Place, which provides 42 units of affordable and CHA housing – a commitment that was made by the development team before there was a requirement to do so,” said Ald. Burnett. “Schiller Place offers individuals and families a newly constructed home at an affordable cost, with public transit, a grocery store and other neighborhood amenities just steps away. I want to thank Structured and Evergreen for fulfilling their promise with a development that provides quality rental housing across income levels.”
GMA Construction, a Minority Business Enterprise (MBE), Veteran-Owned Small Business (VOSB) and Section 3 firm, served as general contractor on the project.