A measure passed recently by the Chicago City Council, authorizes the issuance of up to $5 million in TIF funds and up to $13,245,473 in Multifamily loan funds for a term of 30 years for the construction of a new mixed-income, transit-oriented development in the Englewood community. This measure designates Thrive Englewood, LLC, or an entity acceptable to the DOH commissioner, as the developer.
Additionally, through this measure, the Chicago Department of Housing (DOH) is authorized to issue up to $1.5 million in the City of Chicago 9% Low-Income Housing Tax Credits for the benefit of the project. Thrive Englewood will also receive up to $2.5 million in private financing.
Thrive Englewood is a $36 million investment in a transit-oriented, mixed-use development near 63rd and Halsted Street. The development will add 61 new mixedincome residential units, including 2 live-work lofts for local entrepreneurs and new retail to the Englewood community area. The development will be constructed on vacant, unimproved city-owned land across from the 63rd/Halsted Green Line CTA station. Thrive Englewood will close out the final phase of Englewood Square Phase I, which began with the development of the Englewood Mall. This new building, along with a second 44-unit building in a separate and future phase, will bring the necessary density and commercial activation to transform 63rd Street into a pedestrianfriendly, walkable corridor.
Leading the development as the sole owner of the General Partner is DL3 Realty, a nationally recognized, minority-owned full-service real estate development firm formed over 30 years ago.