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| Kara Breems and Alan Schactman |
CHICAGO, IL – (March 30, 2015) — Chicago-based Fifield Cos.
has contributed $3.1 million to the city of Chicago’s affordable housing fund
on behalf of the firm’s upcoming luxury apartment development NEXT, which will be located at 347 W.
Chestnut St. in River North’s NoCA neighborhood.
Recently, Alan
Schachtman, executive vice president of Fifield Cos., presented a $3.1
million check to Kara Breems of the
Chicago Department of Planning and Development as part of the city’s Affordable
Requirements Ordinance.
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| Randy Fifield |
The city’s affordable
housing fund will use the $3.1 million for rent vouchers for low income
families as well as for grants to non-profit affordable housing projects in
Chicago. The ARO has received $59 million to date from residential projects
like NEXT in NoCA.
"We are glad that we can help facilitate the provision
of more affordable housing in the city," said Randy Fifield, principal and vice chair at Fifield Cos. “Giving back
to the city of Chicago has always been an important part of our mission at
Fifield.”
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| Chicago skyline to the north, east and south |
Fifield Cos. will soon begin construction on NEXT, a
28-story, 310-unit apartment building, in the emerging NoCA (North of Chicago
Avenue) area of River North. The building is expected to deliver in early 2017.
“As more jobs are created downtown, projects like NEXT are
meeting a huge demand for rental housing in hot new areas like NoCA in River
North,” said Schachtman.
“At the same time, this commercial activity is helping to
ensure affordable housing is available through the city’s affordable housing fund.
It’s a win-win for Chicago.”
For a complete copy
of the company’s news release, please contact:
Kim Manning, kmanning@taylorjohnson.com,
312-267-4527
Mark Thomton, mthomton@taylorjohnson.com,
312-267-4523
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