Its in Logan Square An area in Chicago (near where I presently live) that was considered kind of rough several years ago, but now its beginning to "gentrify" so to say.
http://www.chicagoballet.org/

Chicago Ballet

The creation of choreographer Paul Abrahamson, this company (formerly the Moose Project) focuses on contemporary ballet, which at times has meant comic dance or Latin-inflected ballet. The company, which appears around the city, moved to Logan Square from the Ruth Page Center for the Arts about a year ago with the help of a city TIF program. A fall performance schedule will be announced later, but a “grand unveiling” of the new Chicago Ballet Studio (9/8-9/9) will feature a performance as well as a chance to meet the company. | 3433 W. Diversey | 312-943-2528 | chicagoballet.org

Is this good news? It seems like it would be.

I think its very good LM (as far as the new comapny/studio goes). I'm going to stroll on down there and see whats going on when I have a chance. Paul A. was also a ballet instructer at Hubbard Street Dance's Lou Conte Studio before forming this new company. I hope it thrives

Give us a report when you've seen it all first hand.