Thursday, September 5, 2013

2101 S. Michigan Residential Highrise Gets $42 Million Investment

In case you missed this last week the much ballyhooed 2101 S. Michigan residential high-rise is getting a make over (via Curbed Chicago):
2101 S. Michigan Highrise
The aging 250-unit rental building at 2101 S Michigan is getting a major overhaul. The $42M project will create "245 union construction jobs" and deliver a new lobby, community room, laundry facility, and energy-efficient mechanicals, all while preserving 90 units of subsidized housing.
The press release from The AFL-CIO Housing Investment Trust (HIT) has more info:
The 2101 South Michigan property is located in Chicago's South Loop neighborhood, an area that is experiencing a growing demand for residential space and neighborhood amenities. Ninety of the building's units are subsidized through a Housing Assistance Payment (HAP) contract administered by the U.S. Department of Housing and Urban Development (HUD), with 39 of those units restricted to residents age 62 and older. These units will remain affordable through a long-term HAP contract that extends the affordability component of the property for another 20 years.

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