SOUTH SHORE — As promised, the new owners of the Shoreline Apartments building returned to the neighborhood Tuesday to explain how they’re going to renovate the building.
The Zidan Management Group of Indiana again met with residents at the monthly 5th Ward meeting after April’s meeting was cut short and left a lot of unanswered questions about the project at 2231 E. 67th St.
Ayman Assaf, the chief financial officer of the management group, said new owners paid $3.3 million for the building and plan to invest $12 million-$14 million to rehab the former condominium building to attract renters who work Downtown, have wanted to live in South Shore and were looking for a higher-end apartment.
“We believe the lobby is the biggest selling point for us,” Assaf said of the historic interior. “It’s going to be a market trend property, there won’t be any affordable units. There’s nothing else like it on the market.”
He said the building will be mostly one- and two-bedroom units and some studio units. He said rents will be in the range of $799 for a studio, $999-$1,299 for a one-bedroom apartment and $1,499 for a two-bedroom apartment.
Assaf said the plan is to drastically increase the number of apartments to upward of 100 averaging 825 square feet from the current 49 units that average more than 2,000 square feet.
Ald. Leslie Hairston (5th) encouraged the developers to keep the apartments big, saying it was part of the culture of South Shore to live in bigger homes.
Assaf said he’s hoping to lure back former residents of the neighborhood and will be very picky about whom apartments are rented to.
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