The Chicago Housing Authority (CHA) seeks to partner with a qualified development team (“Developer”) to execute redevelopment of two existing CHA-owned multi-family buildings called Loomis Courts Apartments. The Site is defined as the parcel of land containing two seven story multi-family buildings bounded by W. 14th Place to the north, S. Throop Street to the east, W. 15th Street to the south, and S. Loomis Street to the west, and comprises approximately 3.55 acres of CHA-owned land located in a rapidly developing neighborhood within the Near West Side Community Area. The priority of this solicitation is to select a respondent to partner with CHA to renovate and preserve the existing Loomis Courts buildings and to enhance the quality of life for future residents by constructing new amenity spaces. CHA developed Loomis Courts Apartments in 1951. Loomis Courts features two seven story multi-family buildings. The addresses for the multi-family buildings are 1314 & 1342 W. 15th St located in the 60608-zip code. The existing buildings were last renovated in 2005 and 2006. A copy of the architectural drawings from the previous renovations are included as (Attachment F) and (Attachment G) in this solicitation. The 2005 and 2006 renovations were performed as part of a 4% Low-Income Housing Tax Credits transaction featuring a HUD 221(d)4 loan as the first mortgage. The project reached the end of its 15-year compliance period in 2022 and is currently operating within an Extended Use Period. The remaining balance of the first mortgage at the end of 2025 is expected to be $4.1 million. Respondents should address the repayment of the outstanding balance of the first mortgage in their development financing scenario as part of the submittal requirements. The units and the major building systems require significant capital repairs and improvements. The existing buildings also lack the resident amenities typical of modern affordable housing. The existing conditions at the Site and CHA’s long-term commitment to the high-quality preservation and sustainability of our buildings supports the goal in this solicitation to update all units, replace major systems as necessary to ensure the buildings’ operating longevity and provide new management and amenity spaces.
