Panel OKs TIF money for Little Village project
By Eddie Baeb, Aug. 14, 2008
(Crain’s) — A city panel signed off on a $24.8-million subsidy for a mixed-use development in the Little Village neighborhood that’s to include a grocery store, movie theater and apartments.
The Chicago Community Development Commission voted Tuesday to approve the tax-increment financing (TIF) grant for the $132.7-million project on a 16-acre site at 4400 W. 26th St., near the border of Cicero. The subsidy now must be approved by the City Council.
Little Village Re-development Project
26th Street and Kostner, Chicago, IL
The Little Village project is a 40 acre mixed-use development that includes residential, retail uses, and public areas.
The site is located at the western terminus of a 2-mile stretch of 26th Street, which is the commercial heart of the Latino community in Little Village and one of the most vibrant and dense communities in the Midwest. It generates the second highest sales tax revenue in the City of Chicago.
The development will consist of a neighborhood shopping center and several hundred new residential units, with a mix of affordability and density, along with open space amenities. The shopping center will feature striking architectural appointments, as well as plaza open space for neighborhood shoppers and community events.
Demographics
Population: 54,368 within a 1-mile radius.
Average Household Income: $45,373