City Hyde Park gets TIF dollars as demo underway

Staff Writer

The City Council approved spending $11.3 million tax increment financing dollars to construct City Hyde Park, a mixed-use complex that would bring Whole Foods to the neighborhood.

The $115 million development will include 120,000 square feet of retail, 180 apartments and two levels of parking underground with space for 350 cars. Of the apartments, 36 will be designated affordable, meaning reserved for lower-income families.

Whole Foods will occupy 30,000 square feet of retail space on the first floor.

Construction began last month, with the demolition of the former Village Shopping Center at 51st Street and Lake Park Avenue. Demolition is expected to continue into February.

The project is also being funded with new market tax credits, a federal tax break for buildings constructed in “low-income areas,” tax breaks that come from building in an Enterprise Zone, and private equity and funding sources.