As part of the CHA Move Forward Plan, Phase One of the Oak and Larabee development will be constructed in the near north area known as Cabrini. The seven-story elevator building will feature 78 mixed-income, multi-family rental units.  

Of the 78 units, 54 will be affordable to individuals and families at 30-80% of the Area Median Income (AMI) and the remaining 24 units will rent to market rate households. Other amenities include a community space on the main floor, a fitness center, and an outdoor patio on the second floor with raised bed gardens and a grilling area.  

Following the authorization of a TIF redevelopment agreement as well as a transfer of Illinois Affordable Housing Tax Credit proceeds generated by the sale of these tax credits, the project is expected to cost approximately $54 million. Of the funding costs, the City will provide $14 million in TIF funds from the Near North TIF and $1.1 million in Donation Tax Credits. In addition to providing a long-term ground lease for the use of the land, the CHA will also provide a loan for nearly $11 million.  

Oak-Larrabee, LLC has been designated the developer for the project, and the development itself will produce approximately 100 temporary construction jobs.