The Chicago Housing Authority (CHA) was joined by the City of Chicago Department of Housing, 49th Ward Alderwoman Maria Hadden, former 49th Ward Alderman Joe Moore, and Ross Financial Services Thursday for the grand opening of Clark-Estes Apartments, a mixed-use development that will bring 54 affordable residential units to the Rogers Park community – 15 of which are assisted by CHA’s Property Rental Assistance (PRA) program.
Clark Estes also delivers 3,350 square feet of new retail space to 1763 W. Estes on land that sat vacant for more than a decade. The developers plan to lease the commercial space to bring amenities such as restaurants to the community.
The mixed-use, new construction development fills a void on the vibrant Clark Street retail corridor where the former Adelphi Theater once stood. City of Chicago support included $1.7 million in Low Income Housing Tax Credits that will generate $15.8 million in equity for the $18.8 million project.
With the assistance of a grant from ComEd, the project meets the energy efficiency and sustainability standards to be certified by Enterprise Green Communities Program.
“We’d like to thank everyone who had a role in making Clark-Estes Apartments a reality,” said CHA Acting CEO James L. Bebley. “Clark-Estes Apartments reiterates CHA’s commitment to providing affordable housing opportunities across the City of Chicago, while also providing a community asset that will allow CHA families and others to benefit from a vibrant commercial corridor with access to transportation.”
Marisa Novara, Commissioner of the Chicago Department of Housing, said: “The Clark-Estes Apartments are an example of the power and potential of inter-agency collaboration and public-private partnerships to make Chicago a better, stronger and more equitable city. Barbara Taylor, my colleague and the underwriter on this wonderful project, says it best: ‘The look on the faces of people who will now have a safe, decent, affordable place to live is what makes this job so great.’”
Ross Financial Services, Inc., is the managing partner and operates affordable properties in Illinois, California and South Carolina. RFS, Inc., is their property management arm and manages more than 2,300 units nationally. This is their
first Chicago development. For this project, Ross Financial Services partnered with Trilogy, a local non-profit to provide a wide range of services and resources to support Clark-Estes residents.
“We are very excited to introduce Clark-Estes to the community. I want to express our sincere gratitude to everyone who worked so hard in support of this project, we all should be very proud,” said Douglas B. Ross, President of Ross Financial Services, Inc. “To see the joy and smiles on the faces of our new residents makes what we do so worthwhile. We are looking forward to contributing to the special fabric of the Rogers Park community.”
The Clark-Estes Apartments is located on a strong commercial artery and is surrounded by a thriving residential and business community. Residents have access to the community courtyard with an outdoor patio. Twenty parking spaces are available on site.
The project is one of the first 100 percent affordable projects developed under the new Transit-Oriented Development ordinance in the City of Chicago.