BRAND-NEW MIXED-INCOME, MIXED-USE COMMUNITY ON CHICAGO’S SOUTH SIDE WELCOMES FIRST RESIDENTS
Chicago, Oct. 1., 2020 -- The Michaels Organization, Brinshore Development and the Chicago Housing Authority today celebrated the official grand opening of its newest affordable housing development, with a small ribbon-cutting ceremony at 4400 Grove on the city’s South side.
The newly-constructed, $37 million 4400 Grove community, built on the former site of obsolete public housing, offers 84 contemporary, high-quality apartments and almost 18,000 square feet of ground floor retail and commercial space, in the heart of Bronzeville, marking yet another milestone in the historic neighborhood’s revitalization.
"This mixed-use, mixed-income housing project is emblematic of the power of public-private sector partnerships," said Mayor Lori E. Lightfoot. "Not only will 4400 Grove provide first-class housing opportunities for residents, regardless of their circumstances, but it will also strengthen the economy of our historic Bronzeville neighborhood. I am proud to partner with Michaels-Brinshore and CHA on this exciting initiative and look forward to continuing our ongoing work to rejuvenate our City's most underserved communities."
Featuring apartments in several layouts from Studios to 3-bedrooms, the new community serves not only public-housing residents, but households at a range of income levels, including CHA residents, and is already 70 percent occupied. Resident amenities include on-site parking, a community room, a fitness center, and a business center, with an outdoor plaza located between the two four-story buildings. 4400 Grove has secured Letters of Interest for all 12 storefronts, including two restaurants, with 8 separate business owners. The 4400 Grove program had the express goal of engaging local boutique “mom-and-pop retailers” as tenants and is proud to note that all of the businesses are Minority-owned businesses.
“4400 Grove is the continuation of a vision that began six years ago with the development of Shops and Lofts, which redefined this stretch of Cottage Grove. It is continuing a transformative impact on the neighborhood and again bringing together the two entities – retail and residential – that are essential components in a successful vibrant community. CHA’s mission of using stable housing as a catalyst to help communities thrive has again been brought to life here at 4400 Grove,” said The Chicago Housing Authority’s CEO Tracey Scott.
The community benefited from a strong partnership between The Michaels Organization and Brinshore Development, both of whom have worked together before on Chicago-area affordable housing communities. The development and design process was also informed by a working group that was made up of former CHA residents, community members, developers, and housing authority staff.
“It's truly spectacular to see a project that was twenty years in the making. These buildings will make a positive impact on not only the eighty-four families who call 4400 Grove home, but to thousands of Chicago residents who live and work in the Bronzeville community,” said Greg Olson, Regional Vice President of Development for The Michaels Organization. “Michaels is proud to have played a role in this catalytic development.”
With many contributors that have a longstanding interest in the community, developers went to great lengths to ensure that 4400 Grove was specifically designed to meet the individual needs of the surrounding community. Residents expressed interest in maintaining the architectural integrity of the neighborhood so the exterior was designed to visually mesh with the surrounding community. Local groups also expressed interest in a central communal courtyard for community events, as well as dining options in the retail spaces during the design process-- the final result will include both features.
“The incredible demand for the neighborhood retail space along Cottage Grove demonstrates the depth and desires of local merchants for affordable storefront locations. This new energy along Cottage Grove will build momentum for further investment and attract more local entrepreneurs to the area,” said Richard Sciortino, Principal of Brinshore Development.
The developers engaged Quad Communities Development Corporation, the local catalytic agency that has been driving economic growth in the Quad Communities for 17 years, by helping to create vibrant, sustainable and healthy mixed-income communities with a high possible quality of life for all resident, to work with the business community to attract the local businesses that will occupy the commercial space.
“Quad Communities Development Corporation, NFP (QCDC) is proud to have been a partner and community stakeholder at this table since originally planned over 10 years ago, and to have contributed to its success at every stage in the development process,” said Rhonda McFarland, Executive Director of QCDC. “We employed our Retail Tenant Engagement Program at 4400 Grove to attract, supports, advises and secure all of the retail tenants, and as the local economic development agency supporting the business community, QCDC will continue to stand with these business owners as well as the full Cottage Grove commercial corridor as a driver of the local economic growth”.
Financing for the 4400 Grove includes $17 million in private equity raised through the sale of federal Low Income Housing Tax Credits invested in by US Bank, as well as capital contributions from the Chicago Housing Authority and the City of Chicago. Berkadia syndicated the tax credits, and provided the permanent loan through Freddie Mac. In addition, ComEd provided an incentive grant of $325,000.Back to News Next article