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  WINDY CITY TIMES

Financing of Pennycuff apartments nears completion
by Matt Simonette
2017-05-19

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The developer of an LGBT-friendly affordable housing project in Logan Square is nearing completion of financing, and a final plan should be ready to present to city officials by the end of summer, according to local officials.

The John Pennycuff Memorial Apartments at Castillo Plaza were first announced in May 2016 and will be located at the site of Congress Pizzeria, 2033 N. Milwaukee Ave. The project is the second of its kind in the city, after the Town Hall apartments in Lake View, and is named after activist Robert Castillo and his late partner, John Pennycuff.

Developer CSA Partners "is still in the process of finalizing the financing of the project with the city and the Chicago Housing Authority," said Raymond Valadez, chief of staff to Ald. Proco Joe Moreno ( 1st ).

"Once it is finalized, within the next month, the developer will be seeking to present the project to the Chicago Plan Commission, the City Council Zoning Committee and the full City Council before the end of the summer," Valadez added. "Afterwards, the developer will apply for building permits and hope to have them by the end of this year or the beginning of 2018."

The project will be financed through the use of TIF funds from the existing Milwaukee-Fullerton TIF district, as well as Chicago Housing Authority ( CHA ) funds, tax credits and private funding. The City Council approved borrowing of $16 million for the apartments last December.


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