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The latest news and hot topics impacting our local south side communities.

City Hyde Park: 9 Notes About New Vision and Taxes

Thursday, August 08, 2013

City Hyde Park is the Antheus Capital venture project featuring 182 new rental apartment units anchored by 120,000 square feet of retail space including Whole Foods grocery store at 51st Street and Lake Park Avenue.

Recently, Antheus Capital applied to amend Enterprise Zone 6.  The enterprise zone program was created by the State of Illinois 1982 as a catalyst for economic development in areas where economic growth may not otherwise occur.  The State of Illinois Department of Commerce and Economic Opportunity approved Antheus’ application, granting the developer eligibility to save million of dollars in building costs though sales and other tax exemptions, deductions and credits.

Nine Notes: Tax Contributions and Implications with Vision Modifications

1.    In September 2012 the Community Plan Commission approved City Hyde Park request to separate from the 53rd Street TIF. 

2.    In November 2012 The City Council approved City Hyde Park’s request to become its own TIF district, allowing it to receive $11 million in tax incremental funding in addition to savings from Enterprise Zone designation.

3.    Antheus is currently seeking building permits, a critical step to secure additional sources of funding to start the redevelopment.  The total project is likely to exceed $114 Million.

4.    Demolition of the former Village Shopping Center will begin after all financing is secured.

5.    The new vision is for one consolidated 16-story tower (instead of two), with the residential tower occupying 13 stories versus 10 stories as originally proposed.

6.    38 of the 182 units (20%) will be reserved as affordable units (for renters with income 60% of metro region’s median income).

7.    350 underground parking spaces are planned, including options for buyable, deeded parking spots and validated retail parking.

8.    CDOT is considering traffic signals changes including a new traffic light at 52nd Street and a left turn signal from Hyde Park Blvd on to Northbound Lake Park Ave.

9.  City Hyde Park is still on schedule to be completed by fall of 2015.