New Project Maintains Affordable Housing for Chicago’s Northtown
- Apr 08, 2015
Chicago–Affordable housing developer Vitus Group recently acquired Evergreen Terrace Apartments.
The 84-unit apartment project is situated in Chicago’s desirable Northtown neighborhood. Vitus Group plans to renovate the current 1980s structure and promises to preserve its affordability for 30 years.
“I’m so proud of our team’s nimbleness, persistence and innovation in the midst of this competitive real estate market,” said Vitus Group Director Scott Langan. “The speed of our closing, about 90 days, is important because it puts affordable housing developers in the same league as market rate buyers. In a time when Chicago affordable housing is constantly at risk of being converted to market rate, this business-minded approach is key to making an impact on communities, and preserving existing and dwindling affordable housing stocks.”
Preserving affordable housing in the Northtown community is crucial, with high demand for real estate and luxury housing and retail stores being planned within a two mile radius of Evergreen Terrace. Recently, Atrium Village Apartments, the former mixed-income community, was sold for $53 million by a Canadian developer who intends to tear it down and build 1,500 residences and over 30,000 square feet of retail space. The prices of the neighborhood’s real estate will most likely increase, as location to downtown and the retail-heavy Clybourn Corridor is incredibly convenient, as well as access to public transportation.
Vitus Group has projected a rehabilitation budget of $45,000 per unit for Evergreen Terrace. It plans to start enhancements in September 2015, which include a new roof and installation of a new security system. Tenants will notice accessibility upgrades, new lighting, appliances, plumbing, cabinets and countertops, new playgrounds, and free Wi-Fi.
The renovation will be inspired by Vitus Group’s recent pledge to Partnership for a Healthier America, which states that 80 percent of Vitus projects utilize Active Design, a new approach to development that encourages daily physical activity and access to healthy foods. Vitus Group is also displaying its commitment to environmentally friendly construction and energy efficient housing by installing high efficiency boilers, Low-E glazing windows, ENERGY STAR certified appliances and high-efficiency plumbing fixtures.
These upgrades will allow the project to offer equivalent or better quality housing in comparison to others on the market. Contractors will finish construction rather quickly through a process known as “renovate in place” to avoid temporary or permanent relocation of current residents and to lessen disturbance for the neighborhood.