JDL's Maryville Academy Redevelopment Gets $16M In Tax Incentives
Chicago City Council approved a request by JDL Development for $15.8M in tax incentives for its proposed redevelopment of Maryville Academy in Uptown. JDL and Harlem Irving want to build 381 units in the project, which carries an estimated $121M price tag.
The redevelopment isn't without its share of backlash from affordable housing advocates who are displeased that JDL will not reserve 10% of the project's units for affordable housing, under the city's Affordable Requirements Ordinance. Instead, JDL will reserve 3% for affordable housing and pay the remainder into the city's Affordable Housing Opportunity Fund, Curbed reports.
City Council approved the request by a 37-13 vote in a busy session where it also OK'd new regulations on home-sharing and ride-sharing services. The council also approved $7.4M in TIFs for a Whole Foods distribution center in Pullman. [Curbed]