The $9-million, 85-unit project has received favorable recommendations from the plan commission and most recently, the city council's committee on zoning. Units are expected to be available for occupancy in the fall of 2004.
Units in the building will rent from $550 to $750 per month, targeted to seniors with incomes at 60% of the area's median or less. The affordable rents are possible with Chicago HOME funds and federal low income housing tax credits.
In addition to the two Southwest Side projects, Senior Lifestyle Corp. also has won approval for a five-story, 88-unit building in the Humboldt Park neighborhood, giving the company more than $51 million in developments in its pipeline.
The six-story multifamily building will be built on a 35,000-sf parcel that was once the site of the Old Hickory Pit restaurant, a popular Bridgeport dining spot. Property records show a Senior Lifestyle subsidiary bought the property for just under $2.11 million in October, financing the purchase with a $2.37-million mortgage from LaSalle National Bank.
Located east of a quarry and near a park, the site was zoned for manufacturing use. However, rezoning to allow for residential development is now expected from the city council.
Attorney John George says the project will provide 52 one-bedroom and 33 efficiency units.
The development won a strong endorsement from 11th Ward Alderman James A. Balcer. "It's a fine, well-run organization," he says. "Their building on 59th Street was a great place for my grandmother to be in."
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