Ryan Companies announced it plans to develop and construct a 100-unit affordable senior apartment community to further expand the Thomas Place brand in Illinois.
Thomas Place Gurnee, a $25.4 million development, is the third project in Chicago’s northern suburbs Ryan has created with its joint venture development partner, Jim Bergman.
Thomas Place Gurnee, an age-restricted community, will be located on a 12-acre site on the east side of Hunt Club Road, just north of Washington Avenue, in Gurnee, Ill. Construction started July 5, and the project will be complete and ready for occupancy in Spring 2012.
“Thomas Place Gurnee expands our senior housing prototype into the far northern suburbs, in the heart of Lake County,” said Dan Walsh, vice president of development, Ryan Companies US, Inc. “Residents will benefit from all the features, amenities and activities the development will offer while still staying close to their family and neighborhood connections.”
The development will feature 33 one bedroom, one bathroom units, and 67 two bedroom, two bath units. Apartments at Thomas Place Gurnee will include a balcony or patio, a full-sized kitchen with modern cabinetry and appliances, a washer and dryer, and walk-in closets. The age-restriction guidelines require that at least one resident in each unit must be 55 or older.
“With the Village almost completely built out we looked at our existing housing stock and overlayed future demographic projections. We identified a large gap in affordable housing for older individuals or couples,” Mayor Kovarik said. “It was important to the Village that our residents have housing opportunities that would allow them to stay in the community. Thomas Place is the perfect setting to fill that need and will be a wonderful addition.”
According to Ryan, in addition to creating affordable living options for seniors, the project is expected to create over 450 construction jobs. Ryan has constructed two other senior facilities in northern Illinois. Thomas Place Glenview was developed in 2007 and features 144 units including 108 affordable units. It currently is 100 percent leased. Thomas Place Fox Lake, which opened in the fall of 2010, has 100 affordable units and is also 100 percent leased.
The project financing is a combination of tax credit equity provided by Credit Capital, LLC and The Richman Group, and a $17.2 million construction loan and $4.25 million permanent loan from the Citibank.