Park Boulevard

Type:

Mixed-Use/Master Planned Development

Status:

Phase IA (Pershing Courts) Completed– Placed in Service 2005 Phase IB Completed – Placed in Service 2007-2008 Phase IIA Completed – Placed in Service 2012

Budget:

$200,000,000+

Financial Sources:

LIHTC/Donation Tax Credits
Hunt Companies/US Bank
TIF/Conventional Revolover
Bank of America/US Bank
CHA/HUD Capital Development Funds
Tax Exempt Bonds/Home Funds


Davis Group Principals are members of a partnership selected by the Chicago Housing Authority as master developer for the Stateway Gardens redevelopment effort. This project represents a potential of 1315 units of new multi-family rental and for-sale housing divided between 33% public housing, 33% affordable, and 33% market rate units. For the first onsite phase, financing for this development was an innovative mixture of tax exempt bond financing, low-income housing tax credits, donation credits, TIF financing, Federal HOME Funds, public housing capital funds, and a large emphasis on conventional financing driven by the market rate for-sale units. Responding to the economic downturn, more recent phases have returned to a rental driven 9% LIHTC financing model.