Brinshore, Michaels’ Newest Affordable Housing Set to Move Forward in Chicago
Sixth Phase of Legends South Master-Planned Community Receives Key Approval From the City’s Plan Commission
CAMDEN, N.J., September 10, 2024 (Newswire.com) - The Michaels Organization, a national leader in residential real estate, and its Evanston, Iillinois-based partner Brinshore Development, announced today that the sixth phase of its Legends South master-planned community is set to move forward after receiving a key approval from the Chicago Plan Commission. Located at 4520 S. State Street in Chicago’s Grand Boulevard neighborhood, the development is the latest phase in the comprehensive revitalization of what was once the site of the Robert Taylor Homes public housing towers.
"We are thrilled to be able to continue adding to the ongoing renaissance of this important neighborhood while bringing more high-quality affordable housing to Bronzeville," said Greg Olson, Regional Vice President of Development at The Michaels Organization. "We are grateful to this community, Alderwoman Pat Dowell, the Chicago Housing Authority, and the City for their continuing support.”
“The Bronzeville neighborhood, with its rich history, is an optimal location for new affordable housing opportunities,” said Richard Sciortino, co-founder and principal at Brinshore Development. “We are excited to begin the next phase of Legends South and continue being an integral part of this community.”
Designed by LBBA and Brook Architecture, the new apartment community will offer a mix of one-, two-, and three-bedroom units, across two separate buildings. Additionally, the development will include 3,600 square feet of ground-floor commercial space and various community amenities.
Complementing the apartment homes will be a small plaza at the intersection of State Street and 45th Street, designed to foster community gatherings and enhance the neighborhood's public space. The development also includes 47 parking spaces.
The other phases of Legends South, which Brinshore-Michaels first began developing in 2005, include Mahalia Place, Hansberry Square, Savoy Square, Coleman Place, and Gwendolyn Place. Combined, these communities currently offer over 600 mixed-income rental units as well as green spaces and a variety of amenities.
The $40 million project is being funded through a combination of Tax Credit equity, City of Chicago soft funds, private loans, Chicago Housing Authority loans, and Tax Increment Financing (TIF).
About The Michaels Organization
Michaels is a national leader in residential real estate, offering full-service capabilities in development, property and asset management, construction, and investment. Serving more than 200,000 residents in more than 600 communities across 39 states, the District of Columbia, and the U.S. Virgin Islands, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity, and to creating Communities That Lift Lives.
About Brinshore Development
Brinshore Development, LLC is an experienced real estate development firm with 30 years of expertise based in Evanston, Illinois. As an industry leader, Brinshore excels at creating diverse teams to transform the most complex development challenges into well-designed and vibrant communities. Brinshore’s current portfolio includes more than 10,000 affordable rental housing units valued at more than $1.3 billion in 15 states and the District of Columbia. For more information, visit www.brinshore.com.
Source: The Michaels Organization
