Chicago Flips Red — Investigation
$148M+
12 Entities. One Address. Three Decades.
666 Dundee Road, Suite 1102 — Northbrook, IL 60062
Documented public subsidies only. At least 3 projects have significant undocumented allocations. True total likely $180M–$200M+.
12
Entities
~944
Units
$148M+
Documented Taxpayer Subsidies
~$166K
Avg Per-Unit Subsidy
7
Community Partners
30–40yr
Contract Terms
Follow the Money
Where the Money Comes From
The Price Tag
Cost Per Unit: Taxpayer Subsidy vs. Private Funding
Red = taxpayer money per unit. Gray = private/other funding per unit. Faded bars = incomplete data (true subsidy likely higher). * = significant data gaps.
Subsidy Breakdown
Public Money as % of Total Cost
Brin Life Center
97.6%
97.6%
Paseo Boricua
94.6%
94.6%
Park Place
90.6%
90.6%
Ogden North
71.7%
71.7%
McCrory Senior
47.7%
47.7%
Community Partners
The Community Partners
Seven of twelve projects involve a local nonprofit as a partner. Under the Community Reinvestment Act, banks must invest in low-income communities — and these organizations have the leverage to complicate bank mergers through CRA comments. The developer needs them for zoning and political cover. They get ownership stakes, fees, and contracts in return.
K.L.E.O. Community Family Life Center
Washington Park, South Side
Land Pass-Through + GP Seat
Brinshore ProjectBrin Life Center (58 units)
Their RoleBought $925K land for $2, immediately transferred to Brinshore. Principal Torrey Barrett joined GP.
What They GotGP membership in $23.3M project + $255K–$270K in donation credits generated
Other City Contracts$139.7M
Primary SourceMigrant shelter contracts (EFSP, 2022–2025)
Budget Growth$137K → $117M (2021–2025) — 855× increase
Net Assets (2022)−$388,895
Cash on Hand (2022)$43,739
Form 990 ↗
Puerto Rican Cultural Center
Humboldt Park, West Side
50/50 Joint Venture Partner
Brinshore ProjectPaseo Boricua Arts (24 units, 40-year term)
Their RoleEqual co-owner of managing member LLC. Only 50/50 split in the portfolio.
What They GotHalf of $925,560 developer fee + 50% of manager LLC
Other City Contracts$46.7M
Primary SourceHIV/AIDS services (71% of contracts)
Vendor IDs4 separate IDs in city system
Political TiesAld. Maldonado (26th Ward) — building named after his wife. Sr. Policy Advisor: former US Rep. Luis Gutiérrez.
Council Vote50–0 (Dec 16, 2020)
Ordinance ↗
Back of the Yards Neighborhood Council
West Elsdon, South Side (14th Ward)
Development Partner
Brinshore ProjectPark Place Family Housing (78 units, 30-year term)
Their RoleCommunity partner providing local credibility and aldermanic access
What They GotPartnership stake (details not public)
Founded1939 by Saul Alinsky — author of Rules for Radicals
AldermanEdward Burke (14th Ward) — later convicted on federal corruption charges
ConflictBurke's law firm represented the property seller (Sun-Times)
Project Size$26.7M — $6.46M AHOF + $17.4M LIHTC equity
Sun-Times ↗
Lester & Rosalie Anixter Center
Logan Square, North Side
25% LLC Co-Owner
Brinshore ProjectHairpin Lofts (28 units) + Hairpin Retail
Their RoleDisability services nonprofit. Owns 25% of manager LLC (Brinshore owns 75%).
What They Got25% ownership of project manager entity — acquired for nominal amount
Subsidy Stack6 mechanisms: LIHTC + TIF + land write-down + donation credits + historic credits + NMTC
Per-Unit Subsidy$620,457 — highest in the portfolio
Land DealCity sold $4M property for $1
TIF CDC Report ↗
North River Commission
Albany Park, North Side
General Partner of LP
Brinshore ProjectMcCrory Senior Apts / Mayfair Commons (97 units, 25-year term)
Their RoleCommunity development org. GP of MC Blue LP.
What They GotGeneral partner position — controls project alongside Brinshore
Project TypeSenior housing preservation (rehab, not new construction)
Per-Unit Subsidy$64,655 — lowest in portfolio
Sinai Community Institute
North Lawndale, West Side
Development Partner
Brinshore ProjectOgden North / Park Douglas Phase I (137 units, 42-year term)
Their RolePart of Mount Sinai Health Systems. Community anchor for CHA replacement housing.
What They GotDevelopment partner stake (details not public)
CHA Units60 public housing replacement units
LIHTC Equity$22M (Savoy syndicator) — largest single allocation in portfolio
Good Shepherd Community Services
Washington Park, South Side
Community Partner
Brinshore ProjectSouth Park Apartments (46 units)
Their RoleCommunity services org providing local presence
What They GotPartnership stake (details not public)
DataLimited public information available
The Portfolio
The 12 Projects