While adding senior housing on the far Northwest Side, Senior Lifestyles also will help the New Horizons Center for the Developmentally Disabled, which is selling 4.68 acres to the multifamily developer. The money from the property sale will allow New Horizons to build a 30,000-sf school to replace its current facility, which are three inter-connected single-family homes converted to the agency's use. New Horizons will built its school east of Senior Lifestyle's six-story rental building, which will be under construction early next year at the northeast corner of Oak Park Avenue and Forest Preserve Drive.
"This is a golden opportunity for the neighborhood," Allen says. "It addresses two significant voids in the neighborhood."
Senior Lifestyle officials say the Autumn Green project will be similar to its Midway Village development at 67th Street and Cicero Avenue. The campus setting will be priced for the middle market.
However, Senior Lifestyle will offer 20% of the multifamily rental units for tenants earning 60% or less of the area median income, according to Denise Roman of the department of planning and development. Two daily meals and other services also will be available. Market-rate rents will range from $1,813 a month for a one-bedroom unit to $2,459 for a two-bedroom unit.
"I predict there will be a huge demand for this housing," Allen says. "The only way we could've gotten this project done was with TIF financing."
The tax increment financing was recommended Tuesday by the city's community development commission.
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