Search
 

Land Write-Down Helps Launch $11M Senior Building

CHICAGO-The 68-unit building at 1401 W. Roosevelt Rd. will offer affordable, independent living units for seniors. Intercommunity Housing Corp.'s project has been in the works for four years.

By Mark Ruda | Updated on February 11, 2005

CHICAGO-Intercommunity Housing Corp. is a late bloomer in the affordable senior housing development arena, but it hasn’t been for a lack of effort. In business for more than six years, the not-for-profit has spent four years working with the city on its first project.

A five-story, 68-unit building will be constructed on a city-owned site at 1401 W. Roosevelt Rd., in the shadow of the redevelopment of the Chicago Housing Authority’s former ABLA project into a 2,441-unit mixed-income community on the Near South Side. The $10.5-million building designed for senior citizens needing affordable, independent living housing will be built with $6.9 million in low-income housing tax credits from the Illinois Housing and Development Authority. However, Intercommunity Housing Corp. is also getting a $1.1-million loan from the city’s department of housing, as well as a bargain $200,000 price for the 35,313-sf site at the southwest corner of Roosevelt Road and Loomis Avenue. The site, acquired by the city more than three years ago, was most recently appraised at $775,000, according to department of planning and development project manager James Thompson. The land write-down was endorsed recently by the community development commission, and the plan commission is expected to give its recommendation Feb. 25 to the city council.

Two banks are vying to provide the developer with financing for the remaining $1.7 million. The $1.7 million is all the conventional debt the building can afford, says department of housing commissioner John Markowski. All but seven units will go to seniors earning 60% of the area median income or less, with 15 of those going to tenants earning less than 40% of the area median income.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.