Related Companies Reopens Affordable Housing Development in Chicago
- Sep 17, 2013
Chicago—After approximately $100 million in renovations, Related Companies has reopened Parkway Gardens Apartments, a 694-unit affordable housing development serving 2,400 residents in Chicago’s Southside.
Related Companies also launched its annual Parkway Gardens scholarship program, which will award $5,000 to one resident each year for higher education.
“The development and preservation of affordable housing has been a cornerstone of Related for more than 40 years,” Matthew Finkle, president of Related Affordable, says. “The reopening of Parkway Gardens is a testament to our commitment to never take a single unit of affordable housing to market rent and to building communities.”
Located on the Southside of Chicago, Parkway Gardens consists of 35 buildings on a 13-acre parcel. Renovations included adding new kitchens, bathrooms, plumbing, flooring, appliances, lighting, elevators and heating systems.
Additionally, Related added a laundry area, two playgrounds, a computer lab, barbeque areas, a vegetable garden and community green spaces throughout the property. It also invested in a state-of-the-art entry access and security system that links directly to the city.
The property was acquired by Related Affordable, a division of Related Companies, and Wells Fargo & Company, in August 2011, which extended the affordability of the units for the Chicago community by another 30 years. Wells Fargo made a $36.5 million equity investment in the purchase and renovation, comprised of its purchase of Low Income Housing Tax Credits and Federal Historic Credits.
“We are excited to see the transformation of this housing development and congratulate all parties involved,” Korbin Heiss, a senior vice president in Community Lending and Investment at Wells Fargo, says. “Wells Fargo is committed to serving our communities, and is proud to partner with the Related Companies to help provide needed affordable housing in the Southside of Chicago.”
The property also received $59.5 million in bond financing under the New Issue Bond Program from the Illinois Housing Development Authority.
To complement the renovations made at Parkway Gardens, Related also installed an 8,410-square-foot turf field for the John Foster Dulles Elementary School. The new field replaces an asphalt lot and allows the students—90 percent of whom live in the Parkway Gardens Apartments—the chance to have recess and sporting events outside.