title
Authorization to take actions necessary for the disposition and sale of vacant CHA land at the former ABLA public Housing site for the development of new for-sale housing.
end
Development
Address
Community Area
Target
Population
1237- 1357 W. Grenshaw Street
Near West Side
Families
presenter
Presenter: Lee Pratter, Deputy Chief Development
end
Recommendation
The Interim Chief Executive Office ("CEO") of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") authorize the Interim CEO or her designee to: 1) enter into a Purchase and Sales Agreement with LR ABLA LLC; 2) submit a disposition application to HUD for the disposition of CHA land at the former ABLA public housing site located at 1237-1357 W. Grenshaw Street, Chicago Illinois (the "CHA Land") by negotiated sale; 3) convey the underlying land by deeds; and 4) execute and deliver such other documents and perform such actions as may be necessary or appropriate to implement the foregoing.
Property Summary and Estimated Contract
?Property/Site
?Acreage and Square Feet
?Payment to CHA
1237- 1357 W. Grenshaw Street
23 standard City lots
Appraised value plus income-sharing approach
Developer
LR ABLA LLC is the owner entity to which the land will be deeded to, and it consists of Related Midwest, the Chicago office of The Related Companies (Related). Related is one of the largest developers and preservationists of affordable and workforce housing in the country. Currently, Related owns and manages 55,000 affordable and workforce housing apartments.
Funding
N/A
Property Profile
Related plans to develop four townhome buildings, consisting of a total of 23 units on vacant CHA-owned infill lots between 1237-1357 W. Grenshaw Street. The brick design and height of the buildings was selected to blend into the existing housing stock on Grenshaw Street and surrounding neighborhood. This location is between the existing Roosevelt Square (ABLA) phase IIA and the recentl...
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