A not-for-profit developer, Full Circle Communities, recently purchased a building at 2611 North Sawyer for $1.45 million. It is a 34-unit SRO apartment building, the ordinance for which just passed last year.
The SRO ordinance was established last year as a means to a crisis that left a great deal of people homeless and/or displaced. SROs are sometimes considered a “housing of last resort” for people who have very little money. Now, only 77 SRO buildings remain in the city when during the housing peak there were as many as a 1,000.
“Preserving this much-needed asset, especially in a market with rising housing costs, is critical for maintaining the diversity of the Logan Square neighborhood,” said Joshua Wilmoth, vice president of Full Circle.
During a time when neighborhoods like Humboldt Park, Logan Square, and Bucktown are booming with developments, costs are rising, and when members of the community are worried about gentrification and being pushed out, this is once small victory, but a victory nonetheless for the neighborhood.
Read more about this story here by Paul Biasco.
