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Island Terrace apartments getting 'gut rehab' — will stay affordable

September 18, 2023

Island Terrace

Hyde Park Herald story

The 240-unit Island Terrace apartment complex will undergo a complete renovation and receive additional affordability provisions through its nonprofit developer, the Preservation of Affordable Housing (POAH). 

The $111 million project will update a number of areas of the building, including replacing the HVAC and plumbing systems, as well as all three elevators. It will also make improvements to the exterior facade, paneling and windows, according to POAH’s Chicago vice president Molly Ekerdt, who spoke at a meeting of the City Council Committee on Housing and Real Estate on August 28.

POAH purchased the 21-story apartment building, 6430 S. Stony Island Ave., from PNC Bank in 2021 for $29.5 million. Originally slated for completion in 2022, the project took more than two years to get off the ground. Construction is scheduled to start at the beginning of the new year. 

Continued here