Rosenwald Courts Developers LLC celebrated the ribbon cutting of its historic Rosenwald Courts building on Friday September 30, 2016!
The Rosenwald complex was originally built by Julius Rosenwald and housed many household names such as Quincy Jones, Nat King Cole, Gwendolyn Brooks, Jesse Owens, Marla Gibbs, Ralph Metcalfe and many more. The original 454-unit building was converted to a 239-unit building with retail and office space while still maintaining the original look of the historical building. The building was fully rehabilitated by general contractors, Sollitt Construction Company, Powers & Sons, and Brown & Momen. Tenants began moving in during August and the residential buildings will be fully occupied by year end.
Along with the reduced number of residential units, the newly renovated building has approximately 50,000 square feet of retail and office space. Future tenants include King’s Kiddie Kingdom Daycare, Sip & Savor coffee, QualHealth, Shawn Michelle Ice Cream, and ISF Bank, which started their operations at the Rosenwald over 80 years earlier. The building includes two community rooms named after Ms. Bobbie Johnson who fought a successful fight to save the Rosenwald from demolition.
The ribbon cutting ceremony, emceed by 3rd Ward Alderman Pat Dowell, welcomed more than 300 guests. Mayor Rahm Emanuel provided the keynote speech, followed by Congressmen Bobby Rush and Danny K. Davis, future retail and office tenants and the ownership group.
This extensive rehab project was funded by the City of Chicago, Credit Capital/ The Richman Group, MetLife Investments, Citi Community Capital, Chicago Housing Authority, The Burton Foundation, Bank Orion, AMA Realty, State of Illinois, FHLB Chicago, and the Jewish Council on Urban Affairs.
Rosenwald Courts Developers LLC is a partnership between Jim Bergman, Amit Goel, RCAP LP, David Roos, and Lightengale Group partners. Lightengale was responsible for coordinating the financing for the 14 layers of capital funds.