Aldermen Weigh $14M TIF for Next Cabrini-Area Housing Phase

An ordinance pending before the Chicago City Council would grant up to $14 million in tax increment financing to Oak-Larrabee LLC, a joint venture of Brinshore Development and The Michaels Organization, for a mixed-income apartment building on a Chicago Housing Authority-owned lot at 955 N. Larrabee St. The record shows the measure still sitting in the Committee on Finance after an Oct. 14 referral, not yet put to a full Council vote.

The ordinance is a separate Council action from a TIF package the city advanced in February 2025 for a related address, 547 W. Oak St., inside the same Brinshore-Michaels master plan on former Cabrini-Green land, according to prior Chicago YIMBY coverage of that funding round. The two addresses sit on the same superblock at Oak and Larrabee but cover different buildings within the broader redevelopment.

Why it matters

Cabrini-Green’s former footprint has drawn a slow succession of TIF-backed phases over more than a decade, and each new ordinance is a marker of which piece of that long-promised redevelopment is actually moving toward construction next. A second TIF request for the same joint venture, on a different parcel inside the same master plan, signals the next phase is advancing through city approvals even as the prior phase’s funding and permits are already in hand.

The numbers

The Council record caps the TIF assistance at $14,000,000 for the 955 N. Larrabee St. parcel. The matter was introduced Oct. 14, 2026, sponsored by Mayor Brandon Johnson, and referred to the Committee on Finance, where it remains as of this writing with no final Council action recorded.

What’s next

A Committee on Finance vote followed by a full Council vote would be the next public record on this ordinance. For more on the Near North Side and the rest of Cook County’s development pipeline, see Chicago.