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2004 : The Chicago Association of REALTORS Good Neighbor Awards: Honoring Individuals Dedicated to Improving Chicago's Communities May 20, 2004 The Chicago Association of REALTORS (CAR) annual Good Neighbor Awards dinner recognized 35 winners on May 20, 2004. The Good Neighbor Award is the premier rehab and redevelopment award of the Chicago real estate industry. It is designed to recognize the exceptional efforts of individual property owners, developers and community and civic organizations whose contributions have improved neighborhoods throughout Chicagoland. The award is designed to encourage people to take action in their communities or in communities where their properties are located. The Yale Building, developed by John Luce of the Yale Building Limited Partnership, received the highest honor: the Bruce Abrams Good Neighbor Award. The property located at 6565 S. Yale, is a seven-story Romanesque-style brick and limestone apartment building. It is a prominent landmark in the Englewood neighborhood. As one of the few high-rise buildings constructed in a neighborhood of two-story wood- frame houses and a few three-story brick apartment buildings, the Yale has always dominated the surrounding landscape. Like many structures in the Englewood area, the Yale experienced the difficulties associated with disinvestment, crime and low appreciation rates. By the mid-1990s the building was vacant, in disrepair and vulnerable to fast track demolition. Initial inquiries at the Chicago Department of Housing revealed that the City was interested in resurrecting this building as Part of their Englewood Initiative program -especially as affordable senior housing. However, they expressed concern about the high costs associated with renovating a building with such unique historic characteristics. In response, the development team successfully sought to have the Yale awarded a spot on the National Register of Historic Places. This allowed the building to qualify for a 20% boost in construction financing in the form of historic tax credits. This "boost" provided the additional financing necessary for a historic rehabilitation. Knowing that the building could now be renovated to its original condition, the City's Department of Housing awarded the building a low-income tax credit award of over $5 million. The Tax Credit Equity Investor is Nationwide Insurance. A low - income housing trust fund grant from IHDA, along with a first mortgage by Associated Bank, completed the $9.5 million financing needed to start this development. The Yale was a complete renovation. Every interior wall, floor and ceiling was removed during demolition. At one time after demolition was completed, a person could look up from the first floor and see the sky through the seven stories of floor and ceiling joists. This was truly a "gut rehab." The Yale's inclusion on the National Register was contingent on renovating specific historic elements of the building to the standards of our State's Historic Preservation Officer. This included the repair and tuck pointing of the exterior brick and limestone work, the replacement of wood windows, the restoration of the mosaic tile in the lobby and the replication of the wrought iron rails. The local Alderman (and Chairman of the Landmark and Historic Preservation Committee), Arenda Troutman, recognized these restoration efforts and nominated the Yale Building for Chicago Landmark status in 2002. It received this designation last summer. This immediate area of Englewood has experienced a renaissance of sorts over the past few years. When construction on the Yale started nearly three years ago, the area surrounding the building had become a wasteland. Old foundations from buildings razed years earlier were hidden by an overgrowth of weeds and piles of garbage. However, within months of starting the Yale, construction on several other nearby projects began. The most notable of these was the Bernard Place development across the street. This 100 home development, sponsored by St. Bernard Hospital, utilized several resources through the City's Department of Housing to provide area residents with the opportunity to purchase their first home. Many of these buyers were couples with a new families. Thus, the vacant tracts of land now boast new homes with families and seniors who shop, live, work and play in this community. In short, this neighborhood has transformed itself into just that - a neighborhood. The Good Neighbor Award is open to property owners or developers whose improvements or construction have made a positive impact on the quality of property in their neighborhood. All categories are considered, such as single family homes, commercial space, multi-family units, community outreach development, condominium conversions, rehabs, historical preservation, green space, etc. The Good Neighbor Winners for 2004 are: - John, Bill & William Vranas & Michael Chioros of Vranas & Chioros Realty for 5423 N. Winthrop - Michael Zaransky & Barbara Gaffen & Prime Property Investors for 4071 -73 N. Kenmore -Richard Aronson & Scott Sinar and Camelot Development for 1617 Estes -Alan Lev and Belgravia Group for 1800-1830 South Indiana - Susan Gibbons and Gibbons Properties for 2032-42 W. 95th St. -John Supera and 606 Properties for 5650 N. Broadway -Jorge & Juana Torres and Forever Construction for 927 Grand Ave -Coleman & Ballard and KSJ Properties for 7953 S. Ashland -Aiyash & Bozonelos and WJ Management for 518 S. Laramie -Phil Pappas & Jack Emery and L.G. Properties for 2058 N. Cleveland -Leroy & Lula Richardson for 2638 W. Jackson -Jacob Bomberg and Bachelor Properties for 1132-1140 W. Wilson -Theodore & Estera Luca and MLG Construction for 917 N. Mayfield -Jackson & Carkhom for 8119 S. Eberhart -Rafael Herrera and JHR Construction for 4304 W. Belle Plaine -Mark Johnston and Metrotech Properties for 4452 N. Ashland -Kiser Group of Marcus and Millchap for 1919 W. Greenleaf -Gateway Centre Apartments for 7450 N. Rogers -Marvin Grahn and GVP Development for 800 West Corneila -David & Douglas Baum and Baum Realty Group for 2230 S. Michigan Ave -Ronald B. Shipka & Enterprise Companies for 1315-1359 S. Indiana/201-209 E.13th St -Ronald B. Shipka & Enterprise Companies for 1335 S. Prairie -Ronald B. Shipka & Enterprise Companies for 600 W. Drummond -Ronald B. Shipka & Enterprise Companies for 1324-1334 S. Prairie Private -Edgewater Historical Society and Greene & Proppe Design for 5358 N. Ashalnd -Jonathan Wolman & Ed Bosco and the Landmark Church for 1547 N. Leavitt -Jim Byrne and Byrne Realty Group for 5722 N. Winthrop -Roosevelt Hotel, LP and Frankel and Giles for 1152 Wabash/ 30 East Roosevelt -John M. Lach and Paragon Properties for 930-34 W. Agatite -Jack & Tanya Emery, Eddie Rollins & Angie Cable for 2057 N. Kedzie -Laura Molk and LR Developmemt for 60 W. Erie -Laura Molk and LR Developmemt for 250 E. Pearson -John Luce and Yale Building Limited Partnership for 6565 S. Yale -Geoffrey Ruttenberg and The Brixton Group, LTD for 1532-42 W. Cornelia -Richard Wineberg and Earthwood Development for 4140-4156 N. Rockwell For more information about the event or about any of the featured properties, please contact CAR at (312) 803-4900. The Chicago Association of REALTORS (CAR), "The Voice for Real Estate in Chicago" since1883, represents more than 12,000 members who adhere to a strict Code of Ethics that govern their activities in all aspects of the real estate industry. CAR is led by a voluntary Board of Directors, elected by the membership, who works in partnership with a professional administrative staff. |
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1030 W. Chicago Avenue :: Suite 200 :: Chicago, IL :: 60642 :: P: 312.666.3000 :: F: 312.666.7970 :: info@baumrealty.com |
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