By LINDSAY WELBERS
The Chicago City Council approved the creation of the 51st Street/Lake Park tax increment financing district on Thursday, among the last steps needed to finance City Hyde Park on the former site of Village Foods.
The 51st Street/Lake Park TIF district was separated from the 53rd Street TIF after the majority of the funds expected to be generated from the TIF was allocated to the Harper Court developments.
City Hyde Park developer Antheus Capital sought the creation to help fund an $11.3 million gap in their budget after the recession caused difficulties in financial planning.
City Hyde Park will be home to 182 apartments, including 38 that are considered “affordable.” It will also include a Whole Foods, space for medium box retailers and parking for shoppers and residents. The building is designed by Jeanne Gang.
Demolition on the site is expected to begin before the end of the year.