Senior Lifestyles is set to buy the land, vacant for about 10 years, from the Chicago Board of Education. The company, which has done or started 15 similar projects around the city, hopes to begin construction on the rental building this fall, with occupancy slated for next fall.
In addition to a fitness center and 27,000-sf garden, the project will include 26 units set aside to renters earning less than 60% of the area median income. That would translate into a maximum rent of about $850 a month, including utilities, according to department of planning and development project manager Chip Hastings.
Renters at the six-story building would be at least 62 years old.
In addition to the developer's note, recommended for approval this week by the community development commission, Harris Bank also is providing financing for the project.
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