["Parkway Gardens view from 6625 S King Drive rooftop" via Flickr user jtemplerobinson]
The Parkway Gardens housing project, on the border of Woodlawn and Washington Park, has been renovated under a public-private partnership and reopened to its 2,400 residents, according to a press release. The late-1940s public privately-subsized housing development consists of 35 buildings (3-story walkups and 8-story mid-rises) on 13 acres stretching south from King Drive and 63rd. Two years ago, Related Companies and Wells Fargo bank acquired the fully-subsidized housing development with obligations to renovate the 694 units and common areas. That work, along with the construction of a shared athletic field at neighboring Dulles Academy, wrapped up last week. Parkway Gardens, while nowhere near as brutalist as razed projects like Robert Taylor Homes and Cabrini Green, developed a reputation as one of the worst-maintained and most-crime-ridden housing projects in the city— an affront to its early promise as a vibrant redevelopment of White City amusement park grounds. The $40M $60M initial investment (above and beyond purchase price) hopes to right the ship. Related's affordable housing division also manages the South Side's Universal City Apartments and Logan Square's Campbell Terrace.
·HFF closes $40 million sale of 694-unit affordable housing community [RE Journals]
·Buyer to renovate South Side affordable housing complex [Crain's]
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