(Thursday, September 8, 2016) Related Midwest, Related Affordable, and Related Management Company; representatives from U.S. Department of Housing and Urban Development (HUD) the Illinois Housing Development Authority (IHDA); and 40th Ward Alderman Patrick O’Connor joined residents to participate in a ribbon cutting ceremony to celebrate a $10 million renovation to the community common areas and residences of Peterson Plaza. First built in 1982, Peterson Plaza is a four-building affordable housing development with 189 apartment residences on three acres, located on Chicago’s Northside.
“We are dedicated to building and strengthening communities throughout the city of Chicago,” said Curt Bailey, President of Related Midwest. “We want to thank our partners at HUD, IHDA, Alderman O’Connor, and the residents of Peterson Plaza for their commitment to this project and we look forward to seeing the development continue to grow with the surrounding community for generations to come.”
The celebration took place in the new community room, an area that Related prioritized during renovations, adding a new fitness room and library space to the ground floor of the high-rise tower.
“Affordable housing is a key component of our development work and laid the foundation of Related Companies,” said Matthew Finkle, President of Related Affordable. “Our portfolio includes over 1,600 affordable housing residences currently under renovation across the state of Illinois, and more than 4,400 across the United States. We are proud to further our commitment to affordable housing with the renovations of Peterson Plaza and celebrate the transformation of this development with the Northside community.”
“We are in the midst of a severe and growing challenge with more than half of renters paying over 30 percent of their income on housing,” indicated James A. Cunningham, HUD Midwest Deputy Regional Administrator. “The Peterson Plaza Renovation project completely aligns with HUD's mission to create strong, sustainable, inclusive communities and quality affordable homes for all in communities of opportunity. It will help deliver on the promise to preserve affordable housing particularly at this critical juncture.”
“The need to maintain the quality and affordability of the existing affordable housing stock near jobs, schools and transit is growing,” said IHDA Executive Director Audra Hamernik. “Peterson Plaza is an important housing resource in Chicago, and we are grateful to work with Related to ensure rents remain affordable for families and seniors for decades to come.”
The renovation of Peterson Plaza includes interior upgrades, exterior repairs and replacements, and building system upgrades. All 189-units received new kitchen cabinets, flooring, appliances, and painting along with new windows and blinds installed in the common areas of the units. New tubs, toilets, vanities, plumbing, and plumbing fixtures were also installed as part of the renovation.
“Since opening in 1982, Peterson Plaza has provided a home to many, many people, both individuals and families who were already familiar to our community and newcomers to it. During that time the grounds and the buildings have been maintained, but not in my memory has it seen this level of investment and renovation at one time,” said 40th Ward Alderman Patrick O’Connor. “This is a great thing for our residents and ensures that for years to come, Peterson Plaza will continue to provide a home to individuals and families that are now, or become, an integral part of our community.”
The elevator in the eleven-story high-rise building was upgraded with new mechanicals and a new interior cap while the exterior was flashed and a new façade treatment was applied. The high-rise and two of the low-rise buildings also received new roofs.
Additional upgrades were made throughout the Peterson Plaza, including the management office and pantry, as well as new landscaping, walkways and plantings.