CHICAGO — A $117 million renovation project to preserve affordable housing on the city's South Side broke ground Friday.
Sen. Dick Durbin and officials from the Illinois Housing Development Authority and the Department of Housing and Urban Development attended the ceremony outside the Island Terrace Apartments at East 64th Street and South Stony Island Avenue, just a few blocks from the future Obama Presidential Center.
A group called Preserving Affordable Housing is leading the renovation project of the more than 200-unit high-rise built in the 1960s after securing funding from multiple public sources.
“This is the type of development and jobs we need, and we need more of it,” said Illinois Sen. Robert Peters, D-Chicago.
The project was made possible by the 2020 passage of the Woodlawn Housing Preservation Ordinance, which aims to protect existing residents from being displaced when home values around the Presidential Center rise.
Residents will be relocated in stages during the renovation, and each unit will have upgraded kitchens, bathrooms and appliances. The building will also have upgraded systems, community areas and new outdoor spaces.
The project is expected to take approximately 18 months to complete.
“The renovation of Island Terrace is more than just a cosmetic upgrade,” said Chicago Housing Commissioner Lisette Castañeda. “It's an investment in our city's future. It represents a collaborative commitment to preserving affordable housing and improving the quality of life for all Chicagoans.”
Since 2010, POAH has built or acquired 1,354 homes in Woodlawn.
