Lawson House YMCA Begins Due Diligence Process with Prospective Buyer
October 26, 2011
CHICAGO, IL – The YMCA of Metropolitan Chicago today announced that the organization is moving forward on an extensive due diligence process with Holsten Real Estate Development Corporation for the potential purchase of the Lawson House YMCA at 30 W. Chicago Avenue. Lawson House is the largest single-room occupancy (SRO) supportive housing facility in the Midwest, providing housing and social services for residents. A non-negotiable component of the deal is that the potential buyer must be committed to preserving affordable housing with supportive services for an extended period of time.
“This is not a sale, it’s the beginning of a negotiating process with a potential partner,” said Jack Devedjian, senior vice president, real estate development, facilities and capital projects at the YMCA of Metropolitan Chicago. “We look forward to working with Holsten to ensure that the resulting deal provides for sustainable mission-based residential operations at Lawson House in the years to come.”
A final deal is not expected for at least a year.
This process began in April of this year when the Y of Metro Chicago released a Request for Qualifications (RFQ) seeking qualified respondents to take over the operations at Lawson House. The RFQ looked only for respondents who would continue the Lawson House mission, operating in its current configuration, including preserving single resident occupancy (SRO) housing at the greatest level of affordability with the highest level of supportive services over a length of time.
Holsten has significant experience developing and managing affordable and mixed income units throughout Chicago, including the Lawndale Restoration Apartments, the Wilson Yard Development, Hilliard Homes, and Whistler Crossing, among others. Holsten Human Capital Development is a non-profit division of the company dedicated to strengthening families by expanding their access to viable resources that promote self-sufficiency, wellness and stability.
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About the YMCA of Metropolitan Chicago: The Y is Chicagoland’s leading nonprofit strengthening communities through youth development, healthy living and social responsibility. Through its 25 member centers, five camps and hundreds of extension sites, the Y of Metro Chicago helps children learn and grow, teaches young people to lead, brings families closer, and encourages individual health and wellbeing. As one of the largest and oldest/most established cause-driven organizations/nonprofits in Chicago, YMCA programs impact hundreds of thousands of lives annually, helping to strengthen neighborhoods and respond to unique community needs across Chicagoland. To learn more, visit www.ymcachicago.org.
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