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PACESETTER
Eggleston Avenue (east) to Lowe Avenue (west);
Rail yards (north) to 138th Street (south), Riverdale, Illinois
Development Cost: Approximately $150 million (anticipated completion: 2014)
A rebirth in Riverdale is now taking form at Pacesetter, a sprawling 500 unit housing and retail development located on a 40 plus acre site. Pacesetter Redevelopment, Phase I is comprised of 90 units and two mixed-use buildings: one with two stories, the other with three stories: apartments above ground floor commercial space.
While the initial phase provides spacious rental units within a restoration of historic homes, three additional development phases (approximately 125 units per phase) will consist of entirely new construction to include both rental and home ownership opportunities. Unit types will include: single family detached homes, townhomes, quads, three flats, and mixed-use buildings.
Financing includes funds from IHDA, Federal Home Loan Bank, TIF, Historic Tax Credit and LIHTC equity, and other private and municipal funding sources.
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Company
Parkside of Old Town
