The Chicago Association of REALTORS® (CAR) annual Good Neighbor Awards dinner recognized 35 winners May 20.
The Good Neighbor Award is a rehab and redevelopment award of the Chicago real estate industry. It is designed to recognize the exceptional efforts of individual property owners, developers and community and civic organizations whose contributions have improved neighborhoods throughout the Chicago area.
The award is designed to encourage people to take action in their communities or in communities where their properties are located. The Yale Building, developed by John Luce of the Yale Building Limited Partnership, received the highest honor: the Bruce Abrams Good Neighbor Award. The property, 6565 S. Yale, is a seven-story Romanesque-style brick and limestone apartment building. It is a prominent landmark in the Englewood neighborhood. As one of the few high-rise buildings constructed in a neighborhood of two-story wood-frame houses and a few three-story brick apartment buildings, the Yale has dominated the surrounding landscape.
Like many structures in the Englewood area, the Yale experienced the difficulties associated with disinvestment, crime and low appreciation rates. By the mid-1990s the building was vacant, in disrepair and vulnerable to fast-track demolition. Initial inquiries at the Chicago Department of Housing revealed that the City was interested in resurrecting this building as part of their Englewood Initiative program—especially as affordable senior housing. However, they expressed concern about the high costs associated with renovating a building with such unique historic characteristics.
In response, the development team successfully sought to have the Yale awarded a spot on the National Register of Historic Places. This allowed the building to qualify for a 20% boost in construction financing in the form of historic tax credits.
The Good Neighbor Award is open to property owners or developers whose improvements or construction have made a positive impact on the quality of property in their neighborhood. All categories are considered, such as commercial space, community outreach development, rehabs, historical preservation, green space, etc.
Call (312) 803-4900.