Built in 1969, Island Terrace has remained largely unchanged in its 55-year history. The building is a 21-story high rise of concrete frame and steel construction with concrete floors. Its 20 residential floors all have the same floor plan with twelve units per floor, the breakdown of unit types is as follows:
- 80 one-bedroom units (four per floor)
- 120 two-bedroom units (six per floor)
- 40-three bedrooms (two per floor)
The Island Terrace renovation project will modernize all 240 units, improve ventilation and electrical systems, and upgrade the lobby by expanding the community room and improving first-floor amenities. Although half of Island Terrace’s units received kitchen and bath upgrades almost ten years ago, a number of the units still have their original finishes from 1969. The planned renovations are not only necessary but long overdue for this historic Woodlawn building.
Below is a New Unit Guide with updated information about the renovated units at Island Terrace.
POAH plans to invest $43 M in the property and preserve all 240 units as affordable up to 80% of AMI using income averaging, underwritten by a combination of 4% LIHTC, 9% LIHTC, and soft funding from IHDA and the City of Chicago, as well as a 221d4 loan from HUD. Prior to the refinancing, the building was without any income restrictions, although it benefitted for an 88-unit HAP contract and Chicago Low Income Housing Trust Fund subsidy on 11 units. POAH has added rental assistance to an additional 44 units, the last subsidy to be transferred from the 504-unit HAP contract at the former Grove Parc Plaza Apartments, preserving all 504 units as affordable, with the majority in Woodlawn.
Island Terrace is part of POAH’s decade long work in Woodlawn, where alongside the City, HUD and IHDA it has preserved affordable housing and catalyzed investments in retail, homeownership, schools and services. The preservation of Island Terrace ensures that this important housing in the neighborhood will remain affordable and vibrant, even as the neighborhood sees new outside investment and an increase in rents. It will advance DOH’s mission by preserving access to and housing choices in the Woodlawn neighborhood and ensure that Island Terrace remains affordable, safe and healthy.
Island Terrace Renovation 