Parkside of Old Town is a mixed-income community that will provide housing in three categories: public, affordable and market rate.
Mayor Daley, Senator Dick Durbin and CHA CEO Lewis Jordan were on hand for Monday's dedication. They say the mixed-income approach gives low-income families the opportunity to live safely in an environment that isn't cut off from the rest of the city.
"We just don't want to bring people back in the condition that they left. We want to teach people how to better educate themselves, how to look for jobs, how to look for opportunity, how to present themselves as though they are part of this great city and not stigmatized as public housing residents," Jordan said.
Residents have already started moving in.
When complete, the development will provide 776 units.