Chicago Real Estate Daily published a short interview with David Roos of Landwhite Developers LLC, in which he discusses the financial plan for redeveloping the historic Rosenwald Apartments. As the project has progressed through its planning stages, the number of residential units has dwindled from 331 to just 235 (originally, the building held 421 units). The article also includes a preliminary rendering of the rehabilitated building.
David Roeder, of The Chicago Sun-Times‘ business section, reported recently that Landwhite Developers have changed up the retail and housing breakdown in their plan to restore the Michigan Boulevard Garden Apartments (more commonly known as the Rosenwald Apartments). In community forums, residents called for less housing and more commercial space, citing the danger in adding more residents to a neighborhood that currently lacks social services and commercial amenities. With ample modern commercial space, the building may attract the kind of useful businesses current and future Bronzeville residents need.
When the Rosenwald Apartments opened in 1929, it had 421 apartments and 16,400 square feet of commercial space. When first unveiled, Landwhite’s plan had called for 331 apartments and 21,000 square feet of commercial space – a lower number of apartments than the original because the old floor plans are small by today’s standards. Now Landwhite is looking at 235 apartments and 75,000 square feet of commercial space, the latter of which, by my quick calculations, would account for most of the first floor of the huge building.
Roeder notes that Rosenwald’s original plan for the building was “idealistic,” and he’s right. However it was also practical, and Rosenwald had every reason to believe that he could get a solid 6% return on his investment on a new building intended to be occupied by middle-class African Americans (a notion that was less than universally agreed upon at the time). He would have, too, but the building was completed just as the Great Depression hit, and it struggled to remain fiscally sound in its initial years.
Prosperity is on the horizon for the derelict Michigan Boulevard Garden Apartments
Photo credit: SilverRaven7 (flickr)
This new iteration of the Rosenwald Apartments (which is being referred to as “Rosenwald Courts”) will be occupied largely by low income renters, so Roeder’s point about the difficulty in making the numbers work is well taken. On the other hand, the project will be funded by a prodigious collection of grants and subsidies from the city. It seemed for many years that the Rosenwald was just too big to rehab, but the plan put together by Landwhite and the contributing community organizations seems like it has a good chance of success. 3rd Ward Chicago Alderman Pat Dowell is optimistic that a rehabilitated Rosenwald could be a driver for positive change in the neighborhood, and on her website she’s released a document with answers to frequently asked questions about the project.
We will be following the progress closely, so check back here for updates.
By Michael Rose