Preservation of 272 Units at the Barbara Jean Wright Apartments Approved for University Village/Little Village
City Council passed an ordinance today that will issue a bond inducement of up to $45 million in Multi-Family Housing Loan Funds to finance the acquisition and moderate rehabilitation of the Barbara Jean Wright Apartments located at 1354 S. Morgan (multiple sites generally bounded by Maxwell St/Morgan St/14th Pl/Racine Ave/Blue Island). This project consists of 272 units in 12 garden-style four-story apartment buildings and 15 two-story townhomes in the University Village/Little Italy area.
Of the 272 units, 251 are for tenants at 60% area median income (AMI) and below, and the remaining 21 units will have unrestricted rents. The apartment complex, spread over an 11.5-acre campus, was originally constructed in 1972, and ownership transferred to the Chicago Community Development Corporation (CCDC) in 1999. CCDC proposes to sell it to Jonathan Rose Companies. The total project cost is estimated at $82 million. In addition to City assistance, the development will also receive a HUD FHA loan of approximately $46 million.
The rehabilitation will include upgraded security, replacement of kitchens, bathrooms, flooring, and carpeting in units, interior painting, A/C, and new lighting. New amenities will include a 4,000-square foot community building with ancillary common spaces; provision of WiFi to residents; supportive services and upgrades to the basketball court, and playground maintenance.
Jonathan Rose Companies is the sole member of the developer entity. This rehab project is the first project for which Jonathan Rose Companies has sought City funding. However, over the last 30 years, the firm has owned, developed, and managed over $1.8 billion in real estate. JRC specializes in the acquisition and longterm preservation of existing affordable housing and implements its preservation activities through public and private collaboration and the utilization of local incentives that allow each project to extend affordability provisions and invest in long-term improvements.
# # #