By Wendell Hutson
A ribbon-cutting ceremony is set next week for a new $25 million mixed-income apartment building built on vacant land previously occupied by the Isham YMCA.
The three-building, 48-unit Schiller Place Apartments, located at 711–749 W. Schiller St. in the city’s Near North Side neighborhood, were developed by Structured Development LLC and Evergreen Real Estate Group.
Construction wrapped up in September, and the ribbon-cutting event starts Monday at 1 p.m.
The building is now 100% occupied, including six units at market rate, which is $1,800 for a one-bedroom unit and $2,300 for two bedrooms.
J. Michael Drew, founding principal of Structured Development, said that of the remaining units, 24 are leased to Chicago Housing Authority tenants; 13 to households earning 60% of the area median income; and five to tenants earning 30% AMI.
According to census data, the area median income for the Near North Side is $109,000 per year compared to $62,000 for the city of Chicago.
All apartments include in-unit laundry, stainless appliances and wide plank flooring.
“Schiller Place Apartments will help preserve housing affordability in the Clybourn Corridor,” said Drew. “The buildings are located directly across from the mixed-use development New City and Mariano’s.”
Funders included the Illinois Housing Development Authority, CIBC and Hudson Housing.
The general contractor was Chicago-based GMA Construction Group, led by Cornelius Griggs.
Wendell Hutson
Staff Reporter
Chicago Business Journal
