Chicago Construction News staff writer
Island Terrace Apartments, a towering 21-story building in the heart of Chicago’s Woodlawn neighborhood, is on the brink of a major transformation. The 240-unit high-rise located near the upcoming Obama Presidential Center was originally built in the late 1960s and will be renovated by Preservation of Affordable Housing.
POAH plans to modernize the building’s infrastructure, including:
- Updating plumbing and electrical systems
- Window replacements
- Ventilation improvements
- Appliance upgrades
- Expanding the community room and office spaces
All units will remain 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 project’s closing is expected in spring 2024, with a development team working closely with consultants to finalize the scope and ensure high-priority improvements.
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.