South Shore apartments sell for $22 million, as nearby Obama Presidential Center raises fears about displacement
Thank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.A local apartment investor has greatly expanded its holdings in the South Shore neighborhood, paying $22 million for two properties close to the Obama Presidential Center, according to CoStar and county property records.
New City Property Management bought Shorewind Apartments, a 16-story building at 7000 S. South Shore Drive on the lakefront, along with a smaller building one block west at 6951 S. Oglesby Ave., from San Francisco-based Belveron Partners.The two buildings together have 250 units, according to a spokesperson for Belveron, which declined to comment further on the sale. .
The price tag is significantly more than the $16.8 million Belveron, one of the nation’s largest owners of affordable housing, paid for the 1920s-era buildings in 2019. The boost worries some community members who say the $830 million presidential center, rising in Woodlawn’s Jackson Park just to the north and set to open in 2025, could raise local housing costs beyond the reach of many residents.
NCPM became one of the neighborhood’s largest landlords last year when it paid $14 million for 7100 S. South Shore Drive, a 10-story, 162-unit building one block south. Company officials did not immediately return a message seeking comment.
Romero, founder and executive director of Not Me We, a housing advocacy group, said South Shore needs a similar community benefits agreement to create and preserve affordable housing, and prevent the displacement of existing residents.
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