These developments will offer Chicago households access to affordable housing in this important neighborhood for the long-term
Chicago, IL (PRWEB) June 23, 2015
The Michaels Organization, the nation’s number one private-sector owner of affordable housing and one of the Chicago Housing Authority’s development partners for more than 15 years on its Plan for Transformation, is working to acquire two Single Room Occupancy (SRO) buildings on the near North Side to preserve them for long-term affordability. If successful, Michaels plans to redevelop and income-restrict 100% of the units in the Marshall Hotel and Carling Hotel so that they are affordable for households earning between 30% and 80% of the area median income.
“The Marshall and Carling have been incredibly important affordable housing assets in the highly affluent and desirable Near North Side neighborhood,” said John J. O’Donnell, President of The Michaels Organization. “We are pleased to be working with the building owners and public agencies on both the local and state levels to responsibly transfer ownership and redevelop the buildings as high quality, sustainable communities. These developments will offer Chicago households with low and moderate incomes access to affordable housing in this important neighborhood for the long-term.”
The Michaels Organization is a family of integrated but independent companies that has been a leader in affordable housing for more than 40 years. Its affordable housing development and management companies –Michaels Development and Interstate Realty Management—have been active in the Chicago market since 2000. Michaels has developed thousands of affordable units in the city, including the former Robert Taylor Homes and Henry Horner Homes public housing communities, both of which are now award-winning, mixed-income communities considered models of community revitalization. Interstate Realty Management offers property management services that ensure Michaels’ properties remain long-term quality assets for the neighborhoods where they are located.
For much of the last century, SROs have played an important role as affordable housing in many urban areas, including Chicago, but 30 of the City’s licensed SROs have closed since 2008 and at least 1,600 SRO units have been lost since 2011. The Emanuel Administration has made preserving up to 700 SROs units part of its commitment to affordable housing in Chicago.
The Carling Hotel is located at 1512 N. LaSalle Avenue and the Marshall Hotel is located at 1232 N. LaSalle Avenue in Chicago’s Near North Side neighborhood.
About The Michaels Organization:
Michaels Development Company and Interstate Realty Management are part of The Michaels Organization, a family of integrated but independent companies dedicated to excellence in affordable, mixed-finance, military and student housing. Serving more than 100,000 residents in 360 communities across 34 states, the District of Columbia, and the U.S. Virgin Islands and with a development portfolio valued in excess of $4 billion, The Michaels Organization is a national leader in the residential real estate industry, with full service capabilities in development, property and asset management, construction, mortgage finance, and tax credit syndication.