Mohawk North Homes occupies one of the oldest parts of Chicago, but there's nothing antiquated about this urban infill project. The four-story structures incorporate insulated concrete forms, and are "a social engineering success, integrating across economic and social lines," says Jeff Welsh, of Monterrey Contractors.
The firm won a bid to redevelop five vacant lots for the city of Chicago. The city's goal was to create a small-scale prototype for larger-scale redevelopment of troubled public housing. The resulting 15 condos were targeted to diverse buyers. The seven market-rate units sold for $220,000 to $400,000. The three affordable units went for $140,000 each with a $50,000 subsidy from the city. For these units, the city included a recapture agreement in the mortgage as an incentive to buyers to stay in the house for at least 10 years. For every year they stay, $5,000 of the $50,000 is forgiven. The last five units were sold to the Chicago public housing authority at $110,000 each.
All units sold in a month. "What makes this project so special is that it sold by word of mouth through community churches; no other outside marketing was done," says C.K. Cole, of Castle Marketing, ad agency for the project.
Learn more about markets featured in this article: Chicago, IL.
