CHICAGO—Ryan Companies US, Inc. has just expanded its partnership with Providence Life Services with the development and construction of Arbor Place of Lisle, an 80-unit, affordable senior community in west suburban Lisle. The $20.6-million project is the second project for the Ryan-Providence partnership, and the sixth affordable senior housing project in suburban Chicago for Ryan.
“Regardless of where we are in the economic cycle there is a huge demand for affordable housing, whether it's senior housing or multifamily,” Dan Walsh, vice president of development for the Minneapolis-based Ryan, tells GlobeSt.com.
And this need is not confined to low-income areas, he adds. Even towns, such as Lisle and nearby Naperville, which most people consider affluent, need more affordable options for seniors. A significant portion of the seniors' population scratches by on $20,000 a year, and that “has to pay for housing, healthcare and food.”
Furthermore, Ryan and Tinley Park, IL-based Providence used funds from the Section 42 affordable housing program, administered by the Illinois Housing Development Authority, to finance this project, Walsh says. And IHDA favors developments planned for communities that have a low concentration of housing considered affordable, and which can provide a significant difference between its rental rates and the market rate. The average monthly rents for Arbor Place's one-bedroom units will be about $625, and about $795 for the two-bedroom units.
“Fortunately, there are some communities that are embracing the development of affordable housing for seniors,” Walsh adds, including Lisle. Ryan's most recent affordable senior housing projects in the Chicago area include its Thomas Place developments in suburban Glenview, Fox Lake, Gurnee and Orland Park.
IHDA also favored the Lisle project, he says, because “we had control of a very good site.” Arbor Place sits on about 3.3 acres at the northeast corner of Karns Rd. and Ogden Ave. just east of Naper Blvd. The in-fill site sits among office, residential and heavily wooded areas. Arbor Place will provide a natural transition for the area by maintaining some wooded and wetland areas. Ryan has already begun construction and should finish by the summer of 2015.
The development will have 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The one-bedroom apartments will measure about 756-square-feet and the two-bedroom residences will measure about 1,008-square-feet. All apartments at Arbor Place will be affordable, and each will include a full-sized kitchen with modern cabinetry and appliances, window treatments and walk-in closets. Many of the units also will include balconies. The units will include a features-and-amenities package that is above standard, Walsh says, specifically when compared to other developments in the area. Taylor Made Design is providing architectural design services.
A key to launching Arbor Place was the involvement of Providence Life Services, he adds. “They are a nonprofit dedicated to serving seniors, especially vulnerable seniors. Their culture of service permeates our buildings. They're special.”
“Developing an affordable senior community in Lisle represented a tremendous opportunity to further extend our community outreach mission and to satisfy unmet demand in delivering alternative housing options for seniors in an established area,” says Richard Schutt, chief executive officer of Providence. “Lisle is a vibrant community, and the offering of Arbor Place will mean that seniors will not have to move from a community that has been the center of their lives.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
