As reported yesterday in Crain’s, the redevelopment for the Rosenwald Courts building, in the Bronzeville neighborhood has been approved, 7-1, and is set to received up to $25 million in tax-increment funding (TIF).
The development which will hold 331 units, will have 18 market rate apartments with the remaining homes to be subsidized housing for seniors and working families. The development is drawing criticism from area residents who state that more businesses, and not subsidized housing is needed in the area. The latter of which will further bring the area into decline and prolong recovery.
Ald. Pat Dowell (3rd), who supports the project, says strong property management as well as a focus on seniors and working family tenants will ensure a redeveloped Rosenwald adds vitality to the area.
“The building is a hulking piece of real estate that has been non-productive for over a decade,” she says. (Crain’s)