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Affordable Housing

Exterior of 508 Pershing in Chicago
Affordable HousingDevelopmentIllinoisMidwestNews

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

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A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts
Affordable HousingMassachusettsNewsNortheast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

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Rendering of CIM Group's upcoming mixed-use project in L.A.
Affordable HousingCaliforniaDevelopmentNewsWestern

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

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A 3D render of Three Light, an urban contemporary style high-rise building.
Affordable HousingDevelopmentMidwestMissouriNews

The Cordish Cos. Tops Out $140 Million Three Light Luxury Apartments in Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — The Cordish Cos., along with JE Dunn Construction Co., has placed the final support beam in the Three Light Luxury Apartments development, a $140 million complex in Kansas City’s Power & Light District. The building rises 25 stories with 288 units. Twenty percent of units are already leased. Three Light offers a seven-story parking garage with 472 spaces, as well as 7,600 square feet of ground level retail space. Twenty percent of units will be set aside for residents earning at or below 80 percent of …

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Piper in Norwalk rendering
Affordable HousingConnecticutDevelopmentNewsNortheast

Toll Brothers and Harris Realty Will Develop $136 Million Piper in Norwalk, Connecticut

by Lynn Peisner

NORWALK, CONN. — Toll Brothers Apartment Living and Harris Realty Co. will develop Piper, an opportunity zone project in Norwalk. Piper is being financed by debt and equity arranged by Toll Brothers’ in-house finance team, which includes a $136 million construction loan from TD Bank and Wells Fargo. Piper will be a six-story, 393-unit building. Thirty-seven units will be designated affordable, but specific rent restrictions were not disclosed. Piper’s amenities will include a fitness center, pool, rooftop deck, coworking spaces, a library, a wine room, a demo kitchen and dining …

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Rendering of Alabama Avenue Apartments
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

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A 3D render of Woodlawn Central, a mixed-use project in Chicago.
Affordable HousingDevelopmentIllinoisMidwestNews

South Side Chicago Mega Development One Step Closer to Construction Phase

by Channing Hamilton

CHICAGO —Transwestern Real Estate Services has been selected to lead the multi-phase South Side Chicago Woodlawn Central development project. J.C. Griffin of Transwestern will act as developer, doing business as Woodlawn Central LLC, throughout the project, which has been in various planning phases since at least 2009. Woodlawn Central is an eight-acre, $895 million development project in the Woodlawn neighborhood. Plans for Woodlawn Central call for 870 residential units, ranging from affordable to market-rate, luxury and seniors housing. Requirements for the affordable housing component were not disclosed. The development will …

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Facade of 100 Cherry Hill Road project in Parsippany, New Jersey
Affordable HousingDevelopmentNew JerseyNewsNortheast

Accurate Breaks Ground on 26-Acre New Jersey Project

by Lynn Peisner

PARSIPPANY-TROY HILLS, N.J. — Locally based developer Accurate has broken ground on a 26-acre property at 100 Cherry Hill Road in Parsippany-Troy Hills, about 30 miles northwest of Manhattan. The project will consist of 325 units within two four-story buildings, both built above ground-level garage parking. Sixty-five of the units will be earmarked as affordable units. Rent restrictions were not disclosed. The developer is including 14 studios, 210 one-bedroom units, 88 two-bedroom apartments and 13 three-bedroom floor plans. Amenities will include a clubroom, fitness center and multi-sport lounge. The first …

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A 3D render of 32nd and Eliot Apartments, a white and black contemporary style building.
Affordable HousingColoradoDevelopmentMarket ReportsWestern

Developers Navigate Denver’s Increasingly Complex Market 

by Channing Hamilton

We know Denver’s housing story as it relates to the pandemic: The metro’s high quality of life, access to outdoor amenities and lower prices than other Western mainstays (California) drove demand sky-high for the past three years. With that came an increase in prices — as it always does.  The average rent for an apartment in metro Denver was $1,838 in the fourth quarter of 2022, according to research firm Apartment Insights. This is actually a slight decrease from the thirdquarter average of $1,870 per month. Andrew Hamrick, general counsel …

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Rendering of Sky Building in Florida
Affordable HousingDevelopmentFloridaNewsSoutheast

Walker & Dunlop Arranges $51 Million for Florida Affordable Housing, Opportunity Zone Project

by Lynn Peisner

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building in Oakland Park, located midway between Pompano Beach and Fort Lauderdale.  Miami-based NRI Investments is developing the project and has signed a development agreement, lease agreement and purchase and sale agreement for the site with the City of Oakland Park. Sky Building’s 2-acre site is located in an Opportunity Zone. The mid-rise development will deliver 136 affordable and workforce units, connected by a sky bridge to the City of Oakland Park’s new city …

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