CHICAGO (WBBM NEWSRADIO) — After three years of negotiations, Jonathan Rose Companies bought the Barbara Jean Wright Court Apartments near 14th and Morgan Streets in Chicago’s Near West Side neighborhood.

The New York-based firm bought the 272-unit complex from the Chicago Community Development Corporation for $17.5 million dollars — one dollar over the outstanding debt.

Brandon Kearse, managing director of acquisition rehabilitation, said Rose will spend another $46 million on renovations.

Senior Project Manager Karyntha Walsh said members of the tenant council that she’s been working with are looking forward to remodeled apartments, new landscaping and community rooms.

Over the years residents have complained of mold, rodents, and undrinkable water.

“It just never really had the work done to the property that needed to be done,” Kearse said.

Walsh said they set aside some units as “market rate” after learning some current residents make too much to qualify for affordable housing.

“We want to ensure that everyone, regardless of their current income, is able to continue to live at the property,” Walsh said.

Financing was provided with help from federal, state and city governments.

Construction is slated to begin in two weeks and is expected to take two years to complete.

Listen to WBBM Newsradio now on Audacy!

Sign up and follow WBBM Newsradio

Facebook | Twitter | Instagram