Columbia Pointe

Type:

For-Sale Single Family

Status:

Phase I Complete

Budget:

$50,000,000+ (All Phases)

Financial Sources:

Conventional Construction Loan / CitiBank
Sales Proceeds / Developer Equity
Tax Incremental Financing


A joint venture with the Woodlawn Preservation and Investment Corporation and the Woodlawn Community Development Corporation to build and sell 201 units of mixed income housing in an area of the City that was blighted by a non-functioning CTA elevated structure, as well as numerous vacant and dilapidated commercial structures. Construction on the first phase commenced in the spring of 2002, and when all phases are complete, will represent a total development budget of $50,000,000. The project was financed through conventional financing, but also includes City sponsored Tax Increment Financing and funds from the Department of Housing – New Homes for Chicago Program.