Island Terrace Apartments, a towering 21-story building in the heart of Chicago's Woodlawn neighborhood, is on the brink of a major transformation. This 240-unit high-rise, located near the upcoming Obama Presidential Center and overlooking the picturesque Jackson Park, is set to undergo extensive renovations by POAH (Preservation of Affordable Housing).
The building was originally built in the late 1960's and has been a fixture in the Woodlawn community for over half a century.
The high-rise houses a mix of one-bedroom, two-bedroom, and three-bedroom units, with a significant portion receiving HUD housing assistance.
Residents benefit from a range of amenities including:
- Community room
- Computer lab
- substantial laundry room
The presence of on-site management and maintenance, along with package storage, adds to the convenience. Upgrades are also planned for the buildings accessibility and community spaces, computer lab and childrens play areas.
POAH's Renovation Plans
POAH aims to modernize the building's infrastructure, including:
- Systems
- Building envelope
- Residential units
Key renovations will include the following:
- Updating plumbing and electrical systems
- Window replacements
- Ventilation improvements
- Appliance upgrades
- Expanding the community room and office spaces
The project leverages a blend of 4% and 9% LIHTC, soft funding from IHDA and the City of Chicago, and a HUD 221d4 loan. A core goal is to maintain all units as affordable housing up to 80% of AMI using income averaging. The building currently benefits from a mix of HAP contracts and Chicago Low-Income Housing Trust Fund subsidies.
The renovation ensures that Island Terrace remains a vibrant and affordable housing option in Woodlawn, particularly as the neighborhood experiences new investments and increasing rents.
A commitment to engaging BIPOC contractors and consultants in the renovation underscores POAH’s dedication to inclusive economic growth.
The project’s closing is expected in spring 2023, with a development team working closely with consultants to finalize the scope and ensure high-priority improvements.
The comprehensive revitalization of Island Terrace Apartments marks a significant milestone in Woodlawn's urban development. This project is emblematic of a forward-thinking approach in the commercial construction field, emphasizing the importance of sustainable and practical redevelopment in urban settings.
The renovation of Island Terrace focuses on sustainable building practices. This includes the installation of energy-efficient systems and environmentally friendly materials, highlighting the construction industry's shift towards green building solutions.
The revitalization of Island Terrace Apartments showcases how integrating modern construction techniques, sustainable practices, and a focus on community well-being can create a lasting impact in urban redevelopment.
DataBid is currently reporting on this project - 6430 S. Stony Island Drive Renovation Woodlawn - Chicago (0076022422)
