Latest news with #CommunityDevelopmentCommission
Yahoo
13-05-2025
- Business
- Yahoo
City commission approves $67 million in TIF funds for massive Central Loop renovation
The largest project envisioned so far for the LaSalle Street Reimagined program took a step closer to reality Tuesday when the Community Development Commission recommended that City Council approve it. Council approval would unlock $67 million in tax increment financing funds for redevelopment of the historic Clark Adams Building, a 41-story tower at 105 W. Adams St. just east of LaSalle Street in the Central Loop. The funds will help its development team transform dozens of vacant floors into hundreds of new apartments, including 121 reserved as affordable. The LaSalle Reimagined project was launched by former Mayor Lori Lightfoot and is now a top priority of Mayor Brandon Johnson. The program aims to transform aging LaSalle Street office buildings into a new Loop neighborhood, eventually with more than 1,000 residences, shops, restaurants and other amenities. Historic preservationists have cheered efforts to save the nearly 100-year-old Clark Adams building, which like many Central Loop office buildings suffered from a high vacancy rate as tenants moved into more modern towers in the West Loop and Fulton Market. 'We consider the adaptive reuse of the historic buildings into residential housing and residential affordable housing to be a best practice,' Preservation Chicago said in a statement. 'Additionally, we'd encourage decision-makers to pursue Chicago Landmark Designation for this significant Art Deco skyscraper.' A development team led by Chicago-based Primera Group, a minority-owned development and consulting company, purchased 105 W. Adams St. late last year after a previous plan by other developers fell through. The company's $183 million redevelopment effort will add 400 residences on floors 11 through 40, including a mix of studios, and one- and two-bedroom units. The team plans to replace the old windows, clean the three street-facing facades and possibly repoint and replace some of the historic terra cotta material. Amenities will be added to the 24th floor, and the restored building may also include walk-out terraces and other green spaces on the 23rd. In addition to the tax increment financing, the developers plan to raise more than $23 million through historic tax credits, with the rest coming from a mix of loans and private investment. The developers said they could begin construction by January 2026, assuming the project receives City Council approval, and complete it by June 2027.
Chicago Tribune
13-05-2025
- Business
- Chicago Tribune
City commission approves $67 million in TIF funds for massive Central Loop renovation
The largest project envisioned so far for the LaSalle Street Reimagined program took a step closer to reality Tuesday when the Community Development Commission recommended that City Council approve it. Council approval would unlock $67 million in tax increment financing funds for redevelopment of the historic Clark Adams Building, a 41-story tower at 105 W. Adams St. just east of LaSalle Street in the Central Loop. The funds will help its development team transform dozens of vacant floors into hundreds of new apartments, including 121 reserved as affordable. The LaSalle Reimagined project was launched by former Mayor Lori Lightfoot and is now a top priority of Mayor Brandon Johnson. The program aims to transform aging LaSalle Street office buildings into a new Loop neighborhood, eventually with more than 1,000 residences, shops, restaurants and other amenities. Historic preservationists have cheered efforts to save the nearly 100-year-old Clark Adams building, which like many Central Loop office buildings suffered from a high vacancy rate as tenants moved into more modern towers in the West Loop and Fulton Market. 'We consider the adaptive reuse of the historic buildings into residential housing and residential affordable housing to be a best practice,' Preservation Chicago said in a statement. 'Additionally, we'd encourage decision-makers to pursue Chicago Landmark Designation for this significant Art Deco skyscraper.' A development team led by Chicago-based Primera Group, a minority-owned development and consulting company, purchased 105 W. Adams St. late last year after a previous plan by other developers fell through. The company's $183 million redevelopment effort will add 400 residences on floors 11 through 40, including a mix of studios, and one- and two-bedroom units. The team plans to replace the old windows, clean the three street-facing facades and possibly repoint and replace some of the historic terra cotta material. Amenities will be added to the 24th floor, and the restored building may also include walk-out terraces and other green spaces on the 23rd. In addition to the tax increment financing, the developers plan to raise more than $23 million through historic tax credits, with the rest coming from a mix of loans and private investment. The developers said they could begin construction by January 2026, assuming the project receives City Council approval, and complete it by June 2027.
Yahoo
28-01-2025
- Business
- Yahoo
Santa Fe officials seek applications from organization for affordable housing funds
More than $3.5 million administered by the city of Santa Fe is available for organizations working to help address the city's affordable housing crisis, but applicants have just over two weeks to craft and submit their proposals for the money. City officials announced last week they are seeking requests for proposals for projects designed to bring down the cost of affordable housing construction or help residents become homeowners. The city's Office of Affordable Housing has about $3 million to award from the Affordable Housing Trust Fund, along with $600,000 from the federal Community Development Block Grant program. Applicants have until 3 p.m. Feb. 14 to submit proposals. Johanna Nelson, the interim director of the city's Office of Affordable Housing, said there is no limit, beyond the amount of funding available, on a proposal's monetary size. The city is using the request for proposal process to dish out money in both programs, so each application must meet specific guidelines and state laws related to procurement. That means the details are important, she said. 'There are a lot of steps,' Nelson said. 'But going through the RFP process adds another level of protection to make sure everybody's getting fair play.' After city officials have vetted and reviewed proposals and conducted follow-up interviews with applicants, the Community Development Commission will evaluate the projects' scores and make recommendations to the City Council on which organizations should receive the money. Nelson said the process typically takes a couple of months to unfold, meaning applicants may know by early spring whether their proposals have been successful. 'We are expecting to have a healthy pool of applicants,' she said, noting Santa Fe is fortunate to have so many organizations trying to solve the affordable housing issue. 'It's always a healthy competition.' Applicants must follow the city's bid process to the letter, Nelson emphasized, as incomplete proposals will not be considered. Two virtual training sessions were scheduled Monday to help applicants navigate the bid process, she added. The events were recorded and are available for viewing, the city said in a news release. Each session was expected to last approximately 90 minutes. Additionally, members of the city's procurement team will be available to answer questions and help applicants complete their proposals, Nelson said. She expects the proposals to include some creative potential solutions to the housing crisis. 'We're really optimistic,' she said.
