A&A Development vice president James Pyritz tells GlobeSt.com his company hopes to begin the two-year construction of the nine-story building this August. In addition to private equity, the developers have lined up $18 million in bond financing and $8 million in HOME funds, Pyritz says.
Department of planning and development officials note there is a strong need for senior housing in the West Ridge community. The site, which also has frontage on Ridge Avenue, will be rezoned to allow for a 203,000-sf building. The plan is being endorsed even though at 100 feet, the building will be 25 feet taller than allowed under the new zoning.
A&A Development is buying the site from Stephen and Carol Napleton, who operate a car dealership six blocks west at Peterson and Western avenues.
In addition to parking for 64 vehicles, the project also includes a 4,400-sf garden along Ravenswood Avenue, which parallels the Union Pacific/Metra rail line.
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