Woodlawn's gradual transformation through real estate development reached another milestone yesterday with the opening of Trianon Lofts, a $12.5M multifamily project at Cottage Grove Avenue and 61st Street. They are the first new market-rate apartments built in the South Side community in over 40 years. Mayor Rahm Emanuel was on hand for the ribbon-cutting ceremony, along with Preservation of Affordable Housing President and CEO Aaron Gornstein and POAH Chicago Region Vice President Bill Eager.
The mayor said Trianon Lofts serves as proof of the city's commitment to building safer neighborhoods with more housing and better economic opportunities, and praised the efforts of POAH to revitalize the Cottage Grove Avenue corridor stretching from 59th Street to 63rd Street.
The three-story Trianon Lofts, named after the former historic Trianon Ballroom, features 24 two-bedroom apartments and 7K SF of ground-level retail, leased to Teeny Tiny University, a day care center. Half of Trianon's units will be rented at market rates of $1,500/month. The rest are earmarked for affordable housing renters making below $63K annually.
POAH has been the driving force behind the development activity in Woodlawn. The group leveraged a $30.5M Department of Housing and Urban Development Choice Neighborhood grant into over $400M in new housing, commercial and infrastructure improvements in Woodlawn. Most of that development is centered on the former site of Grove Parc Apartments, and the last remaining parcel is being developed into a Jewel-Osco supermarket.
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