Rental Complex’s Grand Opening in Bronzeville

November 30, 2010 / Russell Legato, Residential Property Analyst

Bronzeville, a historic neighborhood in Chicago is experiencing numerous developments for the past decades including an addition to its housing community—a rental complex, Savoy Square at Legends South. The rental complex opens on Wednesday, December 1, 2010 with the unveiling of Gregory Gove, a Chicago artist’s mural to mark the event, with Lewis Jordan, Chief Executive Officer of Chicago Housing Authority.

Rental Complex’s Grand Opening in Bronzeville

The rental complex is located about four miles south of Chicago’s business district. It is composed of 20 diverse buildings and a total of 138 rental units.

Savoy Square is developed by Brinshore-Michaels team, one of Illinois’ leading providers of affordable housing, for about $44.9 million, and is Legends South redevelopment’s fourth phase.

Legends South is a mixed-income redevelopment and composed of the past Robert Taylor Homes.

Michaels Development Company’s Senior Vice President, Whitney Weller, said that the rental complex, Savoy Square, is a significant step of the company’s goal of transforming public housing in Chicago.

The development company also wants to end the economic and physical isolation formed by the former Robert Taylor Homes, and is proud to be a part of the community’s renewal.

Savoy Square at Legends South is named after Bronzeville’s storied Savoy Ballroom. The rental complex’s development are funded by JP Morgan Chase’s $30 million in equity from Low Income Housing Tax Credit, CHA HOPE VI funds— $11 million, and credit allocations by the City of Chicago Department of Community Development.

The rental complex is located at 4448 South State Street, Chicago, and will be opened to the public on December 1, 2010 at 4pm.

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