realestate

Caruso Realty Partners joins forces with Christie's Southern California

Michael Caruso helps others succeed in coastal Orange County real estate after years of owning his own brokerage.

A
zoning proposal by Sterling Bay has become a test case for Chicago's approach to affordable housing and development incentives. At the center of the controversy is a 25-story apartment complex in Lincoln Park, where developer Sterling Bay wants to build 124 affordable units as part of its project. However, Alderman Scott Waguespack opposes the plan due to concerns over the proposed height and a property-tax break tied to affordable housing commitments.

    The dispute escalated during a contentious City Council meeting, with Alderman Walter Burnett declining to bring the proposal forward for a vote after it was rejected in committee. Waguespack attempted to force the issue, leading to a heated exchange with Alderman Jason Ervin and a brief recess to calm tensions.

    Sterling Bay has defended its plan, citing benefits including 3,200 construction jobs and millions of dollars in traffic infrastructure improvements. However, the project's viability depends on the City Council approving a "low-affordability community" designation, which would allow Sterling Bay to receive tax relief under the Affordable Illinois program. Waguespack has criticized the program as unfair, particularly given Mayor Brandon Johnson's proposed $68 million property tax increase.

    With a December 25 deadline looming for a City Council vote, Sterling Bay is waiting for a resolution. If no decision is made, the developer can appeal directly to the Department of Housing for approval, bypassing local opposition. Sterling Bay managing director Fred Krol expressed hope for a compromise, saying "We remain interested in engaging with Alderman Waguespack in a constructive dialogue that will bring this project to life."

Caruso Realty Partners partners with Christie's in Southern California real estate.