Half a million a unit for low-income housing?

Back in June of 2004 we reported on one of the many schemes that have been schemed for the landmark Rosenwald Apartments – its conversion to condos at a $55 to $60 million sellout.

Here’s the latest, from the Sun-Times’ David Roeder, on the Rosenwald Apartments, a block-long complex at 47th and Michigan:

But after many years, it’s possible that something positive is finally happening with the Rosenwald. A partnership run by Landwhite Developers LLC, with offices in Chicago and New York, has a contract to buy the property from its Skokie-based owners, AMA Realty Group LLC.

Landwhite specializes in renovations for affordable housing in the Midwest, but this would be its first project in Chicago. It’ll be a gut rehab and a gut check.

David Roos, executive vice president of Landwhite, said he wants to convert the building into 332 units of senior or family housing, all reserved for low-income families. The project might cost $170 million, he said.

$170 million for 332 units? Do the math, and weep.

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