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Affordable Senior Housing To Replace Kool-Aid Plant

CHICAGO-Senior Lifestyle Corp. and RDM Development and Investment LLC plan a 94-unit multifamily rental building at 2601 W. 74th St., which would replace a 443,000-sf industrial building.

By Mark Ruda | Updated on June 30, 2005

CHICAGO-A 443,000-sf Southwest Side industrial building that was once used to make Kool-Aid will be replaced by a 94-unit multifamily rental building, where senior citizens would pay rents qualifying under the city’s affordable housing guidelines. Senior Lifestyle Corp. and RDM Development and Investment LLC have had their Marquette Village project at 2601 W. 74th St. endorsed by the plan commission, and are applying for tax increment financing assistance.

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.

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