Construction is expected to start in April or May on the Trianon Lofts for 803 E. 61st St. [UrbanWorks Ltd.]
WOODLAWN — New affordable lofts and retail spaces for 61st Street are moving forward after the city agreed to fund a $2.5 million loan.
On Feb. 10, the City Council approved the loan for the $12.5 million Trianon Lofts project being developed by Preservation of Affordable Housing at 803 E. 61st St.
The new building is part of the redevelopment of the Grove Parc apartment complex and will have 7,000 feet of retail on the ground floor and 24 apartments on the three stories above.
Half of the apartments will be market-rate, and the other half will be for residents making up to 80 percent of the area median income.
Bill Eager, Chicago vice president for the developer, said construction will start in April or May after the financing closes. He said Preservation is looking for retailers to lease out the ground-floor space.
“Now that all of our approvals are in place, getting a lessee signed up is a little easier,” Eager said Monday. “We intend to have someone in place before we close on the financing.”
He said the building is expected to open in the late spring of 2017.
Other financial support for the project includes $3.3 million in New Markets tax credits, $3.3 million in HUD Choice grant funds and a $3 million private construction loan.
The developers are looking for retails tenants for 7,000 square feet of space on the ground floor.
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