Parkside Four Phase II
Investment introduction paragraphs
Holsten Real Estate Development Corporation
Cabrini Green LAC Community Development Corporation
New Affordable Housing Community in Chicago, Illinois
Parkside Four Phase II is the sixth phase in the large-scale redevelopment of the former Cabrini Green public housing development in downtown Chicago, Illinois. The project was developed utilizing the U.S. Department of Housing and Urban Development (“HUD”) Rental Assistance Demonstration Program.
CDT’s loan provided permanent financing for a newly constructed, 102-unit mixed-income multifamily housing development located in Chicago’s Near North Side community area, close to downtown and the Lincoln Park and Old Town neighborhoods.
This new community provides a full range of unit sizes, from studios to three-bedroom units, with 66 units serving affordable tenants and families between 50 and 80% AMI. The remaining 36 units are without income restrictions.
Part of the redevelopment of the old Cabrini Green public housing complex, Parkside Four Phase II is one of the final communities in this completely transformed Chicago neighborhood.
Through the efforts of housing leaders like Holsten Real Estate, over the past 25 years this once-blighted community has now become a vibrant neighborhood. Anchored by a mixed-income residential model, including replacement housing, new rental units and homeownership, Parkside is part of a well-conceived mixed-use master plan. This successful master plan produced a true new urban community, combining well-designed housing with area retail, commercial development, green space and public services.
This transformed neighborhood now sits proudly adjacent to three of Chicago’s most desirable residential neighborhoods – Old Town, the Gold Coast, and River North – each of which includes housing, retail, restaurants, and entertainment destinations.