August 28, 2013
By Neal Tepel
Chicago, Ill. – One of the many projects of the AFL-CIO Housing Investment Trust (HIT) is the rehabilitation of a 26-story residential tower on Chicago's Near South Side at 2101 South Michigan Avenue. The work on the aging property will generate approximately 245 union construction jobs for the 250-unit building.
Built in 1971 the property is currently in need of major upgrades. The $42 million renovation project includes a new lobby, community room, on-site laundry facility, energy-efficient appliances and new heating and cooling system.
"As older downtown neighborhoods experience growth with the corresponding demand for housing, it's very important to preserve and update existing units whenever possible," said HIT Executive Vice President and Chief Investment Officer Stephanie H. Wiggins. "The HIT's investment in 2101 South Michigan will help ensure that quality housing near Chicago's downtown Loop, with its employment opportunities and other amenities, remains available to individuals and families at all income levels."
This Chicago property is located in the Chicago South Loop neighborhood, an area that is experiencing growth and becoming popular particularly among younger home buyers and renters. Many of the building's units are subsidized through a Housing Assistance Payment (HAP) program.
In keeping with the HIT's labor requirements, all work on the project will be performed under collective bargaining agreements with Chicago's building trades unions. "The jobs are important to our members at a time when unemployment is still much too high," said Tom Villanova, president of the Chicago and Cook County Building and Construction Trades Council. "We appreciate the HIT's continuing commitment to Chicago, and we look forward to helping improve the quality of housing on the Near South Side."
Over the past four decades, HIT has invested more than $400 million in 39 Chicago projects that have created or rehabilitated more than 9,000 affordable housing units that created over 5,400 union construction jobs,