Our Projects: Oakwood Shores

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Community Initiatives



The Madden/Wells/Darrow public housing revitalization effort was awarded a $35 million HOPE VI grant in 2000. The recently completed 25-acre Phase I site is located in the North Kenwood/Oakland neighborhood on Chicago's Near South Side, which historically has been the location of significant amounts of public housing. However, the neighborhood's close proximity to downtown Chicago and exceptional access to Lake Michigan present a unique opportunity to restore it into a vibrant and diverse mixed-income residential community. The planning process for Madden Wells has epitomized the City's commitment to move from high-density housing back toward traditional low-rise Chicago neighborhood living. The development will be based upon the tried-and-true Chicago street and alley grid system and incorporate traditional Near South Side architectural detailing with the construction of landscaped boulevards, public parks and pedestrian walks. Phase I of the redevelopment consists of 325 mixed-income rental units and 300 for-sale homes. Phase 2A, which includes 199 mixed-income rental units, is complete and occupied. Phase 2B(One), which includes 75 mixed-income rental units, is currently under construction with the first buildings scheduled for completion in January. The Oakwood Shores Terrace Apartments and Oakwood Shores Senior Building, which together will provide 121 additional rental units and a medical clinic and senior facilities, are currently in financing phases. The Community Builders, Inc. is the master developer of the first phase of the Madden Wells HOPE VI project and lead developer in a joint-venture for the 325 unit rental component. TCB also worked with the Chicago Public Schools system and the University of Chicago to create a university-operated neighborhood elementary school. In addition, TCB manages the rental properties and works with residents to help them attain self-sufficiency and take advantage of the available housing opportunities. For additional information on Oakwood Shores, visit: http://www.oakwoodshores.com/ "The Community Builders really get it. They live up to their name. They're committed not just to building great housing but to building a community." —Shirley Newsome, Chairman Kenwood Oakland Conservation Community Council
Project Highlights


Over 700 mixed-income family rental homes and 300 for-sale family homes, new neighborhood elementary school, and on-site resident services. TCB Role: Master Planner, Owner, Sponsor, Developer, Community Support and Services Provider, Management Agent Financial Participants: HUD HOPE VI, Federal Home Loan Bank (FHLB), JP Morgan Capital Corporation, City HOME, private debt, equity Total Development Cost: $183 million Type of Construction: New Construction Type of Housing: Family Rental & Homeownership
Awards


2008 Bruce Abrams Good Neighbor Award from the Chicago Association of REALTORS^®. May 21, 2008 2008 Charter Award: Neighborhood, District, Corridor Scale from the Congress for the New Urbanism (CNU). February 20, 2008

	Oakwood Shores Rental Information

	Comprehensive Neighborhood Revitalization

	Community Builders and HOPE VI




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