Model Group's St. Ambrose Apartments project in Evanston.
The $3 million, 26-unit apartment building is under construction at 3257 Gilbert Avenue. It replaces the St. Leger Apartments, a blighted 81-unit building built in 1905 that was demolished last month.
The 15-year tax exemption will lower the development's property tax liability by $1 million over the life of the agreement.
The Model Group is pursuing LEED Silver certification from the U.S. Green Building Council.
When completed next July, the 24,000-square-foot building will include units of between one and three bedrooms and will be available to tenants making no more than 60 percent of the area median income.
Previous reading on BC:
St. Leger, scene of crime and violence, makes way for St. Ambrose (7/19/13)
St. Leger apartment redevelopment advances (5/28/13)
Planning Commission Friday: IDCs, Music Hall, St. Leger Apartments (4/4/13)
Loan, property sale aid two affordable housing projects (6/25/12)
Model Group wins LEED tax exemptions for Elberon, Woodburn Pointe (3/21/11)