Edgewater's Hollywood House could be getting its biggest close-up in decades, with a roughly $64 million overhaul on deck that aims to fix aging systems, modernize apartments and keep long-time seniors in their homes at affordable rents.
Full Circle Communities, a Chicago-based nonprofit, is steering the plan for the 13-story senior building at 5700 N. Sheridan Road. As reported by the Chicago Business Journal, the organization says construction could start as soon as spring 2027, assuming it can nail down financing, partners and loan commitments.
What Full Circle Would Take Over And Repair
According to city records shared with the City Council's finance committee, Hollywood House holds 197 studio and one-bedroom units, most reserved for seniors earning up to 60% of area median income. The Department of Housing outlined a planned ownership reshuffle that would remove Heartland Housing from its ownership stake and bring Full Circle in as the new general partner. Those details appear in a Committee on Finance transcript.
Full Circle's Track Record In Rehab Work
Full Circle Communities describes itself as focused on preserving affordable housing while offering on-site supportive services. Its recent work includes a senior rehab on the South Side, where partners such as the Federal Home Loan Bank of Chicago and BMO helped deliver the Brainerd Senior Center renovation, which celebrated its grand opening earlier this month.
Why The Building Is Changing Hands
City officials told the finance committee that Heartland-affiliated buildings, including Hollywood House, slid into distress in recent years and needed court-appointed receivers to keep basic services going. Residents and aldermen have repeatedly flagged deferred maintenance and shaky day-to-day management, problems this new rehab plan is supposed to tackle head-on.
What Officials And Residents Are Saying
Committee members and neighborhood voices signaled relief at the prospect of new stewardship. In the Committee on Finance transcript, residents recall when Hollywood House was "a beautiful building to live in," and officials cast Full Circle's willingness to step in as a promising turn for a troubled property.
The same transcript notes that the requested ownership restructuring would leave untouched the principal and maturity date of the city's 2008 Community Development Block Grant loan and would also keep existing affordability restrictions in place.
Money, Approvals And A Tentative Timeline
Before any hammers swing, Full Circle must assemble a full financing package and clear city review. The Chicago Business Journal reports that the nonprofit is targeting a spring 2027 groundbreaking if funding and approvals line up.
City Council still has to sign off on the ordinance that would authorize the ownership restructuring. Once financing closes, Full Circle has told officials it plans to prioritize stabilizing building systems and shoring up resident services, essentially trying to stop the bleeding before moving on to more visible upgrades.
If the plan advances, the $64 million investment would help preserve nearly 200 affordable senior apartments in an increasingly pressured lakeside neighborhood. Residents and housing advocates are likely to keep a close eye on the final construction scope and schedule as Full Circle works through the long checklist from early commitments to actual construction work.
