Waterton Residential Acquires Boutique Seneca Hotel; Two Affordable Housing Projects Receive $11M Support
- Jun 13, 2012
Chicago’s Seneca Hotel has been acquired by Waterton Residential, a subsidiary of Waterton Associates LLC. The boutique hotel, located in the Gold Coast neighborhood, will be restored to a select apartment community, with renovated apartments available for occupancy beginning in mid-June.
The 260 newly restored luxury rental residences will be comprised of 159 one-bedroom units, 10 two-bedroom units and 91 studios. Situated near the lakefront and just one block from Michigan Avenue’s Magnificent Mile shopping district, the boutique apartment complex will offer onsite service and management, including 24-hour door attendants.
Featured amenities will include a new fitness center, sundeck and onsite dry cleaning. The residents will also be able to dine at onsite restaurants like Francesca’s Restaurant, Davanti Enoteca, Saloon Steakhouse and Chesnut Street Cafe.
In other local news, the AFL-CIO Housing Investment Trust has announced it is providing $11 million for the rehabilitation of two affordable housing developments: the Hazel Winthrop Apartments and the Bronzeville Senior Apartments.
The four-building Hazel Winthrop Apartments, situated in Chicago’s uptown community on the North Side, will receive $2.3 million for renovation work and refinancing in order to be able to keep units affordable for existing residents. The 30-unit property is part of a Section 8 rental assistance program, which is administered by the Chicago Housing Authority. The residents earn under 60 percent of the area median income.
Over in the South Lakefront area, the Bronzeville Senior Apartments will receive around $8.7 million for rehabilitation work through the purchase of tax-exempt bonds and notes issued by the city of Chicago. The 11-story high-rise received around $6.2 million for two other phases of rehabilitation in the past from the HIT.
Photo Courtesy of: www.senecahotel.com
For more market data on Chicago, please click here.