Senior Lifestyle Corp. chairman and chief executive officer William B. Kaplan says the developers will use low-income housing tax credits and HOME funds to help finance construction. While it is another Senior Suites project, Kaplan says the latest set of plans is the third in the city combining housing with a satellite senior center, which would offer social services. The 7,000-sf senior center would be run by the city's department on aging, with a fitness center, computer lab, cafeteria, massage therapy room and offices for caseworkers.
The five-story senior housing building, with studio and one-bedroom units, is part of a larger project that will include 139 single-family homes. Units will be earmarked for tenants paying rents deemed affordable to tenants earning between 50% and 60% of the area's median income. The pre-fabricated homes would be assembled on concrete slabs.
In addition to winning a recommendation for tax increment financing from the community development commission, Senior Lifestyle Corp. and RDM Development and Investment also must buy the 16.5-acre site at the southwest corner of 74th Street and Rockwell Avenue from Northfield-based Kraft Foods North America, Inc. The property also must be rezoned from M1-1.
The building is 55 years old, according to property records. Its most recent tax assessment places the value of the property near $6 million.
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