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The HIT is providing $32 million for the major rehabilitation of 2101 South Michigan, a 26-story residential tower on Chicago’s Near South Side. Built in 1971, the property is in need of major upgrades to make it more attractive in the current residential market as well as more energy efficient and to improve the quality of life for residents. The $41.8 million renovation includes a new lobby, community room, and on-site laundry facility as well as energy-efficient appliances and new heating and cooling in the individual units.
2101 South Michigan is located in Chicago’s South Loop neighborhood, an area that is experiencing a growing demand for residential space and neighborhood amenities. Ninety of the building’s 250 units are subsidized through a project-based Housing Assistance Payment (HAP) contract administered by the U.S. Department of Housing and Urban Development, with 39 of those units restricted to residents age 62 and older. These units will remain affordable through a long-term HAP contract that extends the affordability component of the property for another 20 years.
The rehabilitation work will generate approximately 245 union construction jobs.
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