Structured Development Completes First Phase of Affordable Townhome Community in Chicago’s East Garfield ParkApril 16, 2021
Structured Development joined Ald. Walter Burnett Jr., representatives from the Chicago Community Land Trust (CCLT) and other project partners today for a ribbon-cutting ceremony to mark the completion of the first phase of Harrison Row Townhomes, a new community that will ultimately include as many as 50 affordable for-sale townhomes at Harrison and Francisco streets in Chicago’s East Garfield Park neighborhood.
Work is now complete on the first seven Harrison Row residences, which feature three-bedroom, 2½-bath plans averaging 1,200 square feet and priced from $229,000. Built under Chicago’s Affordable Requirements Ordinance (ARO) and reserved for households earning up to 120% of the Area Median Income (AMI), the townhomes create homeownership opportunities for low-income and working-class families. Three of the residences are already under contract, with anticipated move-ins later this month.
“In the past, most units built under the ARO were smaller studio and one-bedroom plans that were almost exclusively rentals, so this is truly filling a need in the market, particularly with limited resale inventory available,” said Mike Drew, founding principal of Structured Development. “Harrison Row Townhomes not only provide the square footage many households need, but also make it possible for them to experience the sense of pride and stability that come with homeownership.”
The March 25 event also kicked off the second phase of Harrison Row, which will include an additional 26 townhomes. Fain’s Development, LLC, a community-based minority development firm led by Kevin Brinson and Quentin “Q” Addison, will act as a full joint venture partner on a portion of the next phase after receiving mentorship during the development of phase one. Like Structured, Fain’s will share in the fee revenues and profit and losses while gaining the foundation to develop projects independently in the future.
“As the industry has widely acknowledged, we need more diversity in real estate, including development,” said Drew. “We’re grateful to Alderman Burnett for making the introduction to Fain’s Development, as we felt it was crucial to partner with a local firm whose intimate familiarity with East Garfield Park could inform our vision for phase two. Kevin and ‘Q’ are from the neighborhood and have deep roots here. We look forward to them leveraging the lessons learned through this joint venture to achieve great successes on their own.”
Structured Development is fulfilling its ARO obligations in part for the Shops at Big Deahl, a mixed-use complex the firm is developing at the southeast corner of Blackhawk and Kingsbury streets in Lincoln Park. The firm will also help third-party developers navigate their own affordability requirements.
Under the ARO, the Harrison Row Townhomes are required to remain affordable for at least 30 years. Qualifying buyers are being sourced through CCLT, a nonprofit corporation administered and staffed by the Chicago Department of Housing that seeks to preserve the long-term affordability of homes created through city of Chicago programs, including the ARO. AMS Realty Inc. is serving as the exclusive sales and marketing firm for the development.
Since its inception, Structured Development has successfully developed a wide range of retail, residential, mixed-use, office and industrial properties, including the 1-million-square-foot NEWCITY mixed-use development in Lincoln Park, near the ongoing Shops at Big Deahl project. In 2019, the firm completed District Brew Yards, a pour-your-own-beer brewery collective in Chicago’s West Town neighborhood created in partnership with Burnt City Brewing.
Drawing on its decades of experience in development and creative land assembly, the firm will continue to explore investment opportunities that support the creation of additional affordable residences.
Harrison Row is located a mile north of Mount Sinai Hospital and less than 2 miles west of the Illinois Medical District, University of Illinois at Chicago and other major employers. The CTA Blue Line and several bus routes are within walking distance of the community, which is just south of the Eisenhower Expressway, further enhancing accessibility. For more information on Harrison Row, visit www.harrisonrowtownhomes.com or call (312) 663-5131.
About Structured Development:
Structured Development is a Chicago-based real estate development company formed in January 2002 to pursue unique real estate development opportunities. The company thrives on engaging in complex real estate transactions encompassing a range of property types, including retail, residential, mixed-use and industrial. Whether working with partners or independently, Structured Development strives to unlock and enhance the unseen value of real estate, simultaneously enriching urban and suburban landscapes through sustainable and innovative development practices. For more information, visit www.strdev.com.