The Urban Politician
September 30th, 2004, 01:41 AM
Just read on Dept of Planning/Development site. It sounds like more and more smart development is coming to the city:
TIF to assist mixed-use development at Lawrence and Damen
Four-story project to include CVS store, housing and parking
--------------------------------------------------------------------------------
Mayor Richard M. Daley introduced a plan to City Council today to build a four-story retail and mixed-income residential complex on underutilized land on the northwest corner of Damen and Lawrence in the Lincoln Square neighborhood.
"This project is another example of how the City's programs can create new neighborhood amenities, job opportunities, and quality affordable housing for our residents," Mayor Daley said. "Projects like this help improve the quality of life in communities throughout Chicago."
The developer, KNS Developments, plans to build a four-story, 104,000-square-foot building with 36,000 square feet of underground parking space. There will be 11,900 square feet of retail space, most of which will be occupied by a CVS Drug Store.
The project includes 42 two- and three-bedroom condominium units, nine of which will be made available to lower-income buyers. The underground parking garage will contain 100 parking spaces, the majority made available for the residential units.
Under the plan, the Department of Planning and Development would provide up to $3 million in Tax Increment Financing (TIF) Assistance to the project, which has an estimated budget of $18.3 million. the project is located with in the Western Avenue TIF Redevelopment Project Area.
KNS, founded by Kent Knebelkamp in 1996, has developed single-family homes and three-flat buildings in the Lakeview neighborhood, and has recently developed larger-unit buildings in neighborhoods throughout Chicago.
TIF to assist mixed-use development at Lawrence and Damen
Four-story project to include CVS store, housing and parking
--------------------------------------------------------------------------------
Mayor Richard M. Daley introduced a plan to City Council today to build a four-story retail and mixed-income residential complex on underutilized land on the northwest corner of Damen and Lawrence in the Lincoln Square neighborhood.
"This project is another example of how the City's programs can create new neighborhood amenities, job opportunities, and quality affordable housing for our residents," Mayor Daley said. "Projects like this help improve the quality of life in communities throughout Chicago."
The developer, KNS Developments, plans to build a four-story, 104,000-square-foot building with 36,000 square feet of underground parking space. There will be 11,900 square feet of retail space, most of which will be occupied by a CVS Drug Store.
The project includes 42 two- and three-bedroom condominium units, nine of which will be made available to lower-income buyers. The underground parking garage will contain 100 parking spaces, the majority made available for the residential units.
Under the plan, the Department of Planning and Development would provide up to $3 million in Tax Increment Financing (TIF) Assistance to the project, which has an estimated budget of $18.3 million. the project is located with in the Western Avenue TIF Redevelopment Project Area.
KNS, founded by Kent Knebelkamp in 1996, has developed single-family homes and three-flat buildings in the Lakeview neighborhood, and has recently developed larger-unit buildings in neighborhoods throughout Chicago.