Leopardo Begins Work on New Affordable Housing Project in Chicago
Leopardo recently began work on a new affordable housing development located at 1844 N. Ridgeway and 3759 W. Cortland St. in Chicago. The area was once home to the Magid Glove factory and has sat vacant since the late 2000s.
Called Encuentro Square, construction will include the building of two cast-in-place concrete apartment buildings, the first being a four-story, 51,970-SF, 32-unit complex and the second a six-story, 75,850-SF, 57-unit complex. The buildings will feature one-, two-, and three-bedroom units, as well as community and resident-only amenity spaces, a teaching kitchen, computer lab, outdoor recreational spaces, and other amenities.
“Leopardo is proud to be part of the project team for this exciting development and we look forward to helping to provide much needed affordable housing for the community,” said Leopardo Senior Vice President Mike Mastin.
Leopardo is partnering with All Construction and Tandem Ventures to complete the project, which is receiving funding from the City of Chicago in the form of Low-Income Housing Tax Credits (LIHTC), Tax Increment Financing (TIF), HOME Investment Partnerships Program (HOME) funds, Illinois Affordable Housing Tax Credits (IAHTC), and Affordable Housing Opportunity Funds (AHOF). The Chicago Housing Authority is providing rental assistance for 55 of the 89 units. Leopardo is proud to be working closely with the Latin United Community Housing (LUCHA), Evergreen Real Estate Group, and architecture firm Canopy, as well as LIHTC syndicator National Equity Fund and construction and permanent lender BMO Harris Bank, to deliver the project in the fall of 2024.