CHICAGO (WBBM NEWSRADIO) — Mayor Rahm Emanuel Tuesday attended a groundbreaking for a $23.5 million artists residence development in the Washington Park neighborhood.

The four-story project will include 58 units for artists and families and 5,000 square feet of retail and studio spaces on the ground floor for artists in the South Side area.

“We are building a new and brighter future for Washington Park and the Garfield Boulevard Corridor and this new development is at the center of it,” Emanuel said. “The KLEO Art Residences will support South Side artists and their families with affordable housing and studio space while creating new neighborhood retail options. I look forward to being back here next year to cut the ribbon.”

Emanuel says this project, affiliated with the KLEO Community Life Center, is just part of the resurgence of the neighborhood. He says a tennis complex, retail, a new CTA train station and other projects are planned for the area, as well — which, he says, can help transform the community.

“When you put housing, a restaurant, a new sports center, a new train station — you have the foundations and the building blocks of a neighborhood and a community,” the mayor said.

City assistance for the project includes $6.5 million in tax increment financing and more than $1 million in low income tax credits.