Arbor Place Almost Ready for Opening

CHICAGO—Providence Life Services and Ryan Companies US, Inc. are on the verge of finishing Arbor Place of Lisle, a $20.6-million project that will bring 80 units of affordable housing for seniors to the western suburb. The structure is fully enclosed, builders have begun installing the finishes inside and out, and leasing has officially kicked off.

This is the second project for the Providence-Ryan partnership, and Ryan's sixth affordable senior housing project in suburban Chicago. The partners first joined up to develop Thomas Place Orland Park, a similar community in Orland Park, IL, and completed it in 2013.

“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, told GlobeSt.com.

Although it might be surprising to find this need in affluent towns such as Lisle and nearby Naperville, Walsh adds that even wealthy areas 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.” And municipal officials were enthusiastic backers of the project. 

“Speaking for the community of Lisle, we continue to be excited about Arbor Place of Lisle as we see it unfold before us,” said Lisle Mayor Joe Broda. “This is such a great opportunity that will provide quality, affordable living accommodations for seniors in our area, and keep family and friends close, within our boundaries.”

Arbor Place sits on a 3.3-acre site at the northeast corner of Karns Rd. and Ogden Ave. just east of Naper Blvd. It has 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The one-bedroom residences provide about 756 square feet and the two-bedroom residences have about 1,008 square feet.

With less than 60 days until the planned opening at the end of July, builders have begun to installing carpeting, countertops, wall coverings, cabinets and fixtures, both in the living units and the common area spaces. Amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and a fitness center.

“From the individual units to the amenities within spacious common areas, we're creating an environment that is inviting,” said David Erickson, director of development for Ryan. “It encourages a quality lifestyle and socializing and creates a sense of community and connected living. That's what seniors are looking for and what we're delivering.”

All apartments at Arbor Place have affordable rents, and all residents must be 55 or older. Income restrictions apply on all 80 units. The average monthly rent for the one-bedroom units will be $758; for the two-bedroom units the average will be $971. All rents include heat.

The Illinois Housing Development Authority's Low-Income Housing Tax Credit program helped finance Arbor Place. IHDA's allocation of tax credits leveraged nearly $15 million in private equity to support the construction. IHDA also provided more than $1.8 million in federal HOME Investment Partnerships Program funding and $1.2 million from the Illinois Affordable Housing Trust Fund.