For a lot of folks on the Near North Side, the word Cabrini-Green still carries a lot of history. On Oct. 1, the neighborhood marked another chapter with the ribbon-cutting on Parkside Phase 5, the last phase of the Parkside of Old Town development.
Mayor Brandon Johnson joined Ald. Walter Burnett (27th), Department of Housing Commissioner Lissette Castañeda, Chicago Housing Authority leaders, developer Peter Holsten of Holsten Real Estate Development Corporation and the Rev. Randall K. Blakey of Cabrini Green LAC Community Development Corporation to open the 99-home development, according to the city's announcement.
"Today we take another step in our journey to deliver new affordable homes, reinvest in long neglected communities, and provide homeownership pathways across our city," Johnson said. "With this investment, we are restoring this place as a cornerstone of the neighborhood where Chicagoans can find an affordable home, raise their families, and build a community."
What got built
Parkside Phase 5 is a mix of building types, which is part of what makes it interesting from a builder's point of view. There's an eight-story mid-rise with attached townhomes, plus three three-flat walk-up buildings.
Of the 99 homes, 65 are affordable and 34 are market-rate. The affordable homes include 37 CHA replacement homes supported by project-based vouchers, which give former Cabrini-Green residents a right to return, and 28 units for households earning between 50% and 60% of the area median income.
This one leans toward families. The unit mix is:
- 9 studios
- 28 one-bedrooms
- 27 two-bedrooms
- 27 three-bedrooms
- 8 four-bedrooms
That's 35 apartments with three or four bedrooms, more than a third of the project. The city called out those larger family-size units as a significant share of the development. Residents also get a community room, a garden, a fitness center, a dog park and about 70 parking spaces.
How it was paid for
The city backed the $65.8 million project with $16.4 million in Near North TIF money, up to $4.25 million in Department of Housing multifamily funds, and a 9% low-income housing tax credit allocation expected to bring in about $17 million in equity. The CHA contributed about $32.5 million: an $11.5 million capital loan and about $21 million in projected operating subsidy over 20 years for the 37 CHA-assisted homes.
"The majority of the units of this development will be for families and individuals on the CHA's waitlist and for those who need affordable housing," Castañeda said. "That means that this development will feature 65 new units of housing available to working class families."
The development team includes Parkside Associates, LLC; Holsten Real Estate Development Corporation; Cabrini-Green LAC Community Development Corporation; GMA and VOSB; and Landon Bone Baker & Brook Architecture. The city's announcement did not name a general contractor, and we couldn't find one in other free coverage.
Parkside of Old Town has been part of the rebuilding of the former Cabrini-Green area for years, and this is the final phase.
"As this final phase of Parkside nears completion, we are reminded of the promises that were made over 25 years ago—those of inclusion, of hope and community," said Jackie Taylor Holsten, executive director of Holsten Human Capital Development.
"Although it took a long time to get to today—from The Plan for Transformation to cutting the ribbon at 520 Hobbie—we are proud of the accomplishments of each of the partnerships with community groups, the residents, the programs, the grants, the integration of public housing, affordable housing, and market-rate housing to truly embrace what community means," she added.
The mayor framed it in bigger terms, calling the project "some small level of restitution" for communities that were promised transformation 30 years ago.
Why it matters for Contractors
Parkside Phase 5 shows the variety of work that goes into a mixed-income job in Chicago: a mid-rise, attached townhomes and classic three-flat walk-ups, all on one development. That's work for concrete and steel crews on the taller building, and for the framers, masons, roofers and finish carpenters who know the city's smaller building types inside and out. The heavy share of three- and four-bedroom units means more bathrooms, more square footage and more finish work per unit than a typical studio-heavy project. With TIF, tax credits and CHA money in the stack, crews should expect compliance paperwork to come with the job. And as the CHA keeps redeveloping its land around the city, the partners on projects like this one are worth getting to know.