The first phase of the planned Southbridge mixed-income housing project on the Near South Side will move forward through financial incentives approved today by City Council.

Planned for the 2300 block of South State Street on the site of the former Harold Ickes Homes public housing complex, the $97 million initial phase will include a pair of 103-unit, six-story buildings with approximately 16,000-square-feet of combined ground floor commercial spaces.

Being developed as a joint venture between The Community Builders and McCaffery Interests, 68 of the units will be reserved for Chicago Housing Authority (CHA) residents, 26 will be rented at affordable rents, and 112 will be offered at market rates. On-site amenities will include a club room, fitness room, computer lab, management office and parking.

City financial support will include $17 million in Tax Increment Financing (TIF) assistance from the 24th/Michigan TIF district and a $4.8 million multi-family loan.

Other funding sources will include a private mortgage loan; a $22 million CHA loan; and approximately $40 million in multiple forms of financial assistance from the Illinois Housing Development Authority (IHDA).

Future phases on the 11.3-acre site will include more than 600 residential units and 40,000 square-feet of commercial space.

The former CHA complex, named for former U.S. Secretary of the Interior Harold Ickes, was razed in 2010.

Details about additional TIF-financed projects are available on the City’s interactive TIF portal.

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