“A plan to devote city funds toward rehabbing a single-room occupancy building into permanent supportive housing in Lincoln Park is scheduled for a City Council vote Wednesday.
“The council’s Committee on Finance signed off on an agreement Thursday for the city to provide up to $5 million in multifamily loan funds and up to $12 million in tax-exempt bonds toward nonprofit NHP Foundation’s $21 million project to rehab the Covent Hotel, 2653 N. Clark St.
“The Covent Hotel dates to 1915, when it was built to accompany an adjacent theater, which was demolished in the 1960s. The surviving three-story building has long served as a single-room occupancy, but it fell into disrepair after its previous owner died, city officials said.
“Ald. Michele Smith (43rd), who has supported the project since before it went to the city’s Plan Commission in 2020, said it was a “very difficult project to bring to fruition because of the high cost in our community.”
“‘It was very important to me and the surrounding community that we preserve this [single-room occupancy], which has been used in this fashion since just past the Depression,’ Smith said. ‘We couldn’t be happier.’
“The hotel’s renovation will also involve replacing doors, windows and elevator systems, as well as converting its eight ground-level commercial spaces into four larger retail spaces, said Mecky Adnani, senior vice president at NHP.
“‘This is what the community wanted,’ Adnani said. ‘These kinds of rental units are needed in the Lincoln Park area, and we’re really glad we could preserve the building while creating these 30 great studio apartments.’ (Wittich, Block Club Chicago, 2/22/22)
Rehab Of Historical Lincoln Park Hotel Into Affordable Studio Apartments Primed To Get Key City Funding; The Covent Hotel, which was built in 1915, will be renovated into 30 affordable studio apartments with their own kitchens and bathrooms, Jake Wittich, Block Club Chicago, 2/22/22