The affordable housing redevelopment of the 24-story Victor F. Lawson House continues construction work at 30 W Chicago Avenue in the Near North Side. This historic 1931 Art Deco tower was designed by Perkins, Chatten & Hammond, is having elements of its facade restored, including a full sweep of recently installed windows.
Holsten Real Estate is transforming the former YMCA into 408 affordable studio apartments, up from its original 538 single-room occupancy units. The developer has secured low-income housing tax credits and $12.4 million in historic preservation tax credits by committing to keeping the apartments affordable for at least 50 years. The $122 million project is being financed by a $17.6 million loan from the city, $79.4 million from Chase Bank, and $17.2 million from the Illinois Housing Development Authority.
The renovation will feature private kitchens and baths, HVAC upgrades, and in-unit air conditioning. The old gymnasium will be replaced by a fitness center, the main entrance relocated from Chicago Avenue to Dearborn Street, and the ground floor will have retail and social service spaces. Farr Associates is overseeing the architectural aspect of these renovations.
Public transit options nearby include several bus stops and the CTA Red Line at the Chicago station, as well as nearby Divvy stations and bike lanes.
Walsh Construction is leading the 30-month construction period, with an estimated completion in 2024. Current tenants have the option to relocate temporarily or permanently during construction, and past SRO tenants will receive priority once the project is completed.