Affordable housing developer Standard Communities has secured a 100 percent affordable housing community at the Bryn Mawr Belle Shore Apartments in the Edgewater neighborhood. Located at 1052-1070 W Bryn Mawr Avenue, the project houses 371 units in a mix of studio and one-bedrooms as well as 15,000 square feet of retail space.
According to a press release, the two historic mid-rise buildings were acquired for $46 million. Standard Communities completed this transaction on Wednesday in partnership with the Illinois Housing Development Authority, Chicago Housing Authority, the City of Chicago Department of Housing, and the US Department of Housing and Urban Development. Plans involve new lighting throughout, updated carpeting and paint, and facade maintenance. Both buildings feature Art Deco terra cotta and brick finishes which will be maintained and preserved.
The buildings are a two-minute walk from the CTA L Bryn Mawr station where the Red Line can be boarded. Future residents can also access Route 84 via a two-minute walk west to the Bryn Mawr & Sheridan stop.
Scott Alter, co-founder and principal of Standard Communities is quoted in the release assuring that, “Every development in which Standard invests revives and strengthens neighborhoods and provides new opportunities for residents to live affordably, providing a pathway to prosperity and a high-quality place to call home.”
Standard Communities is headquartered in both Los Angeles and New York, and according to their site has a national portfolio of over 18,000 apartment units. The firm has worked nationwide and has completed more than $4 billion of affordable housing acquisitions and rehabilitations.
With this new project acquired, it’s anticipated that more retail providers will soon be enticed to join the building spaces. There have been a number of recent closures of businesses in the area leading to some concerns for the financial health of the neighborhood. “I look forward to working with Standard Communities to revitalize the historic Bryn Mawr corridor in Edgewater. Their leadership and partnership, alongside my office and the Edgewater Chamber of Commerce, is a positive step as we work towards a safer, more engaging Bryn Mawr,” said Chicago 48th Ward alderman Harry Osterman.
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