New studio apartments are coming for the homeless or close to it
City officials Tuesday approved terms of a project that will create 61 studio apartments for the homeless or those close to it. The project at 727 W. Lake St. relies on low-income housing tax credits and a $3.1 million subsidy from tax-increment financing, which would represent a maximum of 18 percent of the budgeted $17.2 million cost.
The developers are an interesting mix. With a 70 percent share of the venture is an operation controlled by Mark IV Realty Group, according to documents filed with the city’s Community Development Commission. Interfaith Housing Development has the remaining 30 percent and will manage the project.
Mark IV’s chairman is John Marks, who has been involved in low-profile deals here since his involvement a decade ago in launching the House of Blues Hotel at 230 N. Michigan Ave. In the 1990s, he redeveloped the commercial space at Marina City.
The nine-story building designed by Chicago’s Harley Ellis Devereaux will replace a building that includes Mellos Peanut Co. City officials said Mellos is moving to the West Side.
The project, called Lake Street Studios, will include on-site services to help tenants live independently. Rents for the 320-square-foot studios are based on income levels and are expected to range from $370 to $770 a month.