Developers in Chicago have learned that one way to get City Hallon board with a proposal is to "go green" in the design. But thesubsidies built into a project due on the West Side might make somedevelopers green with envy.
Bethel New Life, a community group with many good works to itscredit, and investor Terra Firma Co. have joined to win cityapproval for an $11.5 million housing and retail complex on city-owned land at 3148 W. Lake.
Bethel and Terra Firma will build 30 condos, half of them atbelow-market rates, and provide about 7,800 square feet in retailnext to a CTA Green Line stop. But the city is providing aninordinately high $2.5 million subsidy from future tax revenues tocomplete the deal.
Also, according to its report to the Community DevelopmentCommission, the city is giving the developers a deal on the land.They are paying $50,875, about a quarter of its appraised value. Intotal, the city subsidy is worth almost 23 percent of the project'scost. Other subsidy deals have reached 15 percent to 20 percent ofthe cost.
The developers promise a landscaped roof, wind turbines and othereco-friendly elements.
Why the heavy subsidy? "It's sustainable. It's affordable . . .and hopefully it will be a catalyst for further development in thearea," said Pete Scales, spokesman for the city's PlanningDepartment.
Terra Firma principal Bradley Leibov said East Garfield Parkstill is a risky area for investment.
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