Mixed-Income, Mixed-Use Community Will Serve Families of All Income Levels in Near North Neighborhood
Chicago, Illinois, May 3, 2017 (Newswire.com) - Media Alert
WHAT: Grand Opening & Ribbon-Cutting Ceremony for Clybourn 1200 Apartments
WHEN: Thursday, May 4, 11:30 a.m.
WHERE: 454 W. Division Avenue, Chicago
The development team of Brinshore-Michaels and the Cabrini-Green LAC Community Development Corporation will host a ceremonial grand opening for Clybourn 1200, a new mixed-income, mixed-use community located in the Near North Neighborhood, across the street from the former site of the Cabrini-Green public housing complex.
City officials and executives of the Chicago Housing Authority will be in attendance as the ribbon is cut for this seven-story high-rise featuring modern, dramatic architecture, spacious apartment homes, and 16,000 square feet of ground-level retail. The community’s amenities include a beautifully landscaped deck with outdoor seating and a fireplace off the second floor, and a community garden. On the building’s seventh-floor rooftop, there is a working apiary that is home to multiple honey beehives. Green features include radiant floor heat, solar hot water and Energy-Star appliances and fixtures.
Featuring studios, one-, two, and three-bedroom apartments, the majority of the financing for the $39 million development came from private equity raised from the sale of federal Low Income Housing Tax Credits. Clybourn 1200 also received significant support from the Chicago Housing Authority and the City of Chicago. The land was donated by the city.
Brinshore-Michaels is a partnership between Brinshore Development LLC (www.Brinshore.com) and The Michaels Development Co. Brinshore is an innovative real estate company specializing in the development of residential communities that foster conservation, collaboration and affordability. Brinshore has undertaken dozens of developments, from large-scale master planned communities to the restoration of meticulously preserved historic properties. The Brinshore portfolio today encompasses more than 4,000 residential units valued at more than $1 billion. Michaels Development Company is an independent operating company of The Michaels Organization (www.TMO.com), a family of companies dedicated to excellence in affordable, mixed-finance, military and student housing. Serving 145,000 residents in 370 communities across 35 states, D.C., and the U.S. Virgin Islands, The Michaels Organization offers full-service capability in development, property management, construction, finance, and tax credit syndication.
About the Cabrini-Green LAC Community Development Corporation:
Cabrini Green LAC CDC is a nonprofit organization dedicated to providing public housing residents a voice in the redevelopment of Cabrini Green.
The Chicago Housing Authority (CHA) helps build vibrant communities across the city. By using housing as a platform, the agency works with a host of key stakeholders to sustain strong neighborhoods to best prepare CHA residents for the global economy on their road toward self-sufficiency. CHA also provides stable, decent, safe and affordable housing to more than 62,000 low-income families and individuals, while supporting healthy communities in neighborhoods throughout Chicago. For more information, visit www.thecha.org
Source: The Michaels Organization