JACKSON PARK TERRACE ACQUIRED BY JONATHAN ROSE COMPANIES AND POAH

Jackson Park Terrace has been acquired by Jonathan Rose Companies and Preservation of Affordable Housing. PHOTO PROVIDED BY MKPR.
Jackson Park Terrace has been acquired by Jonathan Rose Companies and Preservation of Affordable Housing. PHOTO PROVIDED BY MKPR.

 JACKSON PARK TERRACE ACQUIRED BY JONATHAN ROSE
COMPANIES AND POAH

By Tia Carol Jones
The Preservation of Affordable Housing and Jonathan Rose Companies have partnered to acquire the Jackson Terrace Apartments, located at 6040 S. Harper Ave. The acquisition of this building is one of many for POAH in its mission to stem gentrification in Woodlawn.

The Jackson Park Terrace was acquired by Rose Affordable Housing Preservation Fund V and will be managed by Rose Community Management. Jonathan Rose Companies is headquartered in New York and has offices in Chicago. Its Chicago portfolio includes 2101 S. Michigan Ave., Belmont Tower and Lake Grove Village. Its mission is to enhance the health and wellness of the residents in its properties, with green, energy efficient property improvements. Jonathan Rose Companies and POAH have been working together to find projects to preserve in a number of markets around the country.

“Given POAH’s history and track record, in the Woodlawn community and the fact that they were interested in preserving Jackson Park Terrace it made natural sense,” said Nathan D. Taft, Partner at Jonathan Rose Companies. “When we learned about the Jackson Park Terrace, it was something that for us was a natural target, given all that’s happening there and the concerns about gentrification in the neighborhood.”

Jonathan Rose Companies brings significant investment capacity and expertise and POAH brings resident and community engagement experience in Woodlawn. POAH’s primary responsibility with the Jackson Park Terrace project will be resident and community engagement.

The Jackson Park Terrace is in need of investment and has a lot of deferred maintenance. The 318-unit building was built in 1973 and was developed by the Woodlawn Community Development Corporation. There will be an immediate infusion of $4 million for repairs and upgrades to the building, which includes improvements to the mechanical, electrical and plumbing systems, as well as structural repairs.

Jonathan Rose Companies wants to ensure all the units in the building are safe, clean and good places to live.

Bill Eager, the POAH Midwest Senior Vice President, said POAH and Jonathan Rose Companies had conversations with Dr. Leon Finney and the Woodlawn Community Development Corporation about acquiring the property before he passed.

Both POAH and the Jonathan Rose Companies believe it is important to preserve Jackson Park Terrace as affordable housing, so seniors can age in place and families will not be displaced by any new developments coming up in the community. They are working with United States Department of Housing and Urban Development to extend affordability on units until 2056.

“We wouldn’t be interested in this if we couldn’t keep it affordable. We would not be involved if the outcome was anything other than that,” Eager said. “It’s a critical preservation investment in the location it’s in. I hope it sends a signal to the community and others that there are entities out there that are serious about protecting affordability, despite the great potential for some gentrification.”

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