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187-Unit Senior Housing Building to Replace Car Lot

CHICAGO-A&A Development, LLC is buying a 1.1-acre site at Ravenswood and Ridge avenues from the operator of a nearby car dealership for its $32-million multifamily rental building for senior citizens earning 60% or less than the area median income.

By Mark Ruda | Updated on March 17, 2005

CHICAGO-A 1.1-acre lot used by a car dealer to store inventory will be redeveloped as a 187-unit multifamily rental building for senior citizens earning 60% or less than the area median income. A&A Development, LLC’s $32-million project at 6000 N. Ravenswood Ave. was endorsed Thursday by the plan commission.

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.

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