ELGIN, ILL.—An old Sears and Roebuck store will be turned into an arts facility featuring 55 units of affordable live/work space for artists.
The mixed-use development is among the projects that recently received a reservation of low-income housing tax credits (LIHTCs) from the Illinois Housing Development Authority (IHDA).
The $1.1 million award to the Elgin Artspace Lofts is a major step for the $14.5 million development, according to Heidi Kurtze, project manager at Artspace, the Minneapolis-based developer. In addition to the housing, it will have 6,000 square feet of retail and community space for arts-related businesses and nonprofit organizations.
The 102-year-old building will be renovated and linked to a new three-story addition. The project is an integral part of Elgin’s economic development strategy for the downtown neighborhood.
The development is one of two Artspace projects receiving LIHTC reservations in Illinois this year. IHDA also awarded $923,393 to Karcher Artspace Lofts, a $12.6 million project in Waukegan.
Built in 1926, the historic Karcher Hotel will also be turned into an arts facility. It will have 36 affordable live/work space for artists and 2,500 square feet of retail and community space for arts-related groups.
In all, 22 developments were recommended to receive more than $22 million in LIHTC reservations.