The Township of Frankfort purchased a foreclosed condo development and plans to use it for senior housing units reports the Chicago Sun Times.
“This was a great opportunity to take an incomplete development in our community and turn it into a positive for our seniors,” Township Supervisor Jim Moustis said. “Several years ago, the township began planning for more senior housing in order to meet an ever-increasing demand for two-bedroom units. I am pleased to say we now own a development that will accomplish this important objective.”
The township purchased the Lighthouse Pointe condo development for just under $1.5 million. The 4-acre development at Colorado Avenue and Pfieffer Road has one 12-unit building constructed that is 85 percent complete and a partially completed clubhouse.
There is enough room on the property to build four more buildings and add approximately 36 more units.
The first township in Illinois to offer senior housing to residents, Frankfort has 24 one-bedroom units at its Autumn Valley complex. No tax dollars are used to support them and rental income provides for ongoing operation of the facility and maintenance of the common areas.
The township will begin work on the 12-unit building at 20668 Landings Pointe within the next three weeks. If all goes as planned, the first residents will move in Jan. 1.
The dozen available units will rent for between $1,250 and $1,350 per month.