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Panel to take up TIF grant for Edgewater project

A recent article in Crain’s Chicago regarding the Hollywood House senior apartments at 5700 N Sheridan. A non-profit group is planning to acquire and renovate the 197-unit complex and is looking to the city for a $9.9M subsidy.
Condominium developers had approached the property’s current owner, the Hellenic Foundation, about buying the building and converting it into condos. But the city stepped in and formed a TIF district primarily to raise money to pay for an overhaul of Hollywood House and preserve it as senior housing.
A city panel is to consider the proposal at a meeting this afternoon.
You can read the full Crain’s article here: http://www.chicagobusiness.com/cgi-bin/news.pl?id=30105

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