January 12, 2009

Heartland Alliance is the new owner of Hollywood House, an apartment building for independent seniors at Hollywood Avenue and Sheridan Road on the north side of Chicago. Our acquisition of this building will preserve nearly 200 units of affordable housing for low-income seniors in Chicago's Edgewater neighborhood. 

Edgewater has seen much of its affordable housing stock for seniors vanish in recent years because of condo conversions and redevelopment. When the Hellenic Foundation, longtime owner of Hollywood House, decided to sell the building, it sought out a buyer who would keep the building affordable. The foundation turned to Heartland Alliance instead of a private developer.

"We have an overlap in our missions to provide affordable housing to vulnerable populations," says Michael Goldberg, Director of Real Estate Development for Heartland Housing, Inc. "This was an opportunity for us to serve the seniors in that building and in the community." Heartland Alliance's experience and reputation for high-quality development and property management also helped get the project through the long approval and financing process.

Hollywood House is designed for seniors who are still active and independent, offering several community rooms, a rooftop deck, and a fitness center. Most of the building's current residents have said they plan to stay at Hollywood House. Heartland Alliance will work with local senior organizations to fill any vacancies once renovations are complete.

Heartland Alliance is renovating the building with some assistance from Designs for Dignity, which provides pro bono interior design services to nonprofit organizations. Residents will be able to live in the building during construction, which is expected to be finished in mid-2010. 

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