Structured Development has completed its first phase of construction at Harrison Row Townhomes, a community that will offer as many as 50 affordable for-sale townhomes at full build-out in Chicago’s East Garfield Park neighborhood.
The first phase includes seven three-bedroom, two-and-a-half bedroom homes averaging 1,200 square feet in size and priced from $229,000. The homes were built under Chicago’s Affordable Requirements Ordinance (ARO) and are reserved for households earning up to 120% of the area median income.
“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,” says Mike Drew, founding principal of Structured Development. “Harrison Row Townhomes not only provides the square footage many households need, but also makes it possible for them to experience the sense of pride and stability that come with homeownership.”
The firm will partner with Fain’s Development on the second phase, which will add 26 more townhomes to the site. The community-based minority development firm, led by Kevin Brinson and Quentin “Q” Addison, received mentorship during the first phase of development and will act as a full joint partner on the second phase, sharing in fee revenues, profit, and losses.
“As the industry has widely acknowledged, we need more diversity in real estate, including development,” Drew says. “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.”
Under the ARO, the Harrison Row Townhomes will remain affordable for at least 30 years. Buyers will be sourced through CCLT, a nonprofit administered through the Chicago Department of Housing. The community is located 1 mile north of Mount Sinai Hospital and less than 2 miles west of the Illinois Medical District and the University of Illinois at Chicago. The CTA Blue Line and several bus routes are located within walking distance, and the Eisenhower Expressway is located to the north.
