City Hyde Park gains subsidy for project

Staff Writer

City Hyde Park, the Antheus Capital venture that will put 182 apartments and a Whole Foods at 51st Street and Lake Park Avenue, took another step towards construction last week.

The State of Illinois Department of Commerce and Economic Opportunity approved Antheus’ application to amend Enterprise Zone 6 to include the site. Being included in the Enterprise Zone makes Antheus eligible for tax exemptions during construction.

Antheus manager Peter Cassel said City Hyde Park is still on schedule to be completed by fall of 2015, though all financing sources have not yet been secured.
Cassel said Antheus is currently seeking building permits, and once those are secured, the remaining sources of equity and loans should fall into place.

Last winter, the City Council approved allowing the site of City Hyde Park, 51st Street and Lake Park Avenue, to separate from the rest of the 53rd Street tax increment financing district and become its own financing district. The move allowed City Hyde Park to become its own TIF district and receive $11 million in TIF funding.

Cassel said financing is expected to close this fall and demolition on the former Village Shopping Center will begin afterward.

“We’re not behind in our delivery,” Cassel said. “Our delivery is still scheduled for third quarter [of 2015] with expected opening in second half of 2015, so we’re still on track for that.”

Amending the enterprise zone allows Antheus to save millions in building costs though sales and other tax exemptions, deductions and credits. The enterprise zone program was created by the State of Illinois 1982 to help spur economic development in areas where economic growth may not otherwise occur.