This past Friday it was announced that Jonathan Rose Companies and Preservation of Affordable Housing (POAH) acquired Jackson Park Terrace in Woodlawn. The $25 million purchase of Jackson Park Terrace guarantees over 300 affordable apartments in Woodlawn, located across the street from the future Obama Presidential Center.
Jackson Park Terrace is located in Chicago’s South Side at 6040 South Harper Avenue. The complex houses 318 units that are a mix of affordable apartments available to residents making up to 60 percent of the area median income, which comes out to $62,520 for a four-person household. The remaining units are for those making up to 80 percent of the area median income, which is $83,350 for a four-person household.
The property was acquired by the Rose Affordable Housing Preservation Fund V in a joint venture with POAH, which has built and renovated more than 2,000 homes in mixed-income buildings and sparked the revitalization of the historic Woodlawn community. Jackson Park Terrace’s high-rise and 25 low-rises themselves were built in 1973. It was developed by the Woodlawn Community Development Corporation (WCDC) and was led at the time by Bishop Arthur Brazier and activist Reverend Leon Finney.
The property will receive an immediate infusion of $4 million for needed building repairs and upgrades. Most will go towards improving the property’s mechanical, electrical, and plumbing systems, as well as structural repairs and deferred maintenance. Renovation work will be led by GMA. Residents will have access to the property site throughout the renovation and company representatives have expressed a goal of not causing residents displacement during the process. The commitment to maintain affordable housing at Jackson Park Terrace is welcomed as Woodlawn residents and local organizations work to prevent displacement.
The property will be managed by Rose Community Management (RCM). This is the first of three multi-building properties that RCM is slated to manage by the end of 2022. In addition to Jackson Park Terrace, Jonathan Rose Companies should close on Barbara Jean Wright Court apartments in the Near West Side neighborhood later this summer. According to the Tribune the group also recently acquired the Englewood Gardens complex.