Two local firms are planning a 20-acre development near the Promenade shopping center in Bolingbrook that’s to include office buildings and at least 160 apartments for low-income residents 55 or older.
Chicago-based Peak Development led a group of investors buying the site, at Falcon Ridge Way and Janes Avenue, early last year for $7.5 million from the shopping center’s developer, Forest City Enterprises Inc.
Peak subsequently brought in Riverwoods-based Podolsky Northstar CORFAC Intl. as a partner to focus primarily on the office development, which could ultimately be three buildings totaling 200,000 square feet, with corporate space and medical offices.
Peak and Podolsky are to go before officials of southwest suburban Bolingbrook next month to receive their final approvals and could break ground this year on the first 80-unit residential building.
The apartments are known as an “age-restricted” development, and will be available only to people 55 and older whose annual income is 30% to 60% of the area’s median income. Rents are then fixed at below-market rates.
Peak initially looked into building an assisted-living community that would target older residents, but market research found that other “age-restricted” apartment buildings nearby had waiting lists, says Michael Obloy, a partner with Peak.
“It kind of just stared us in the face. The age group and demographic this product targets is an active adult who doesn’t want a house to maintain but isn’t ready for independent living,” Mr. Obloy says. “There’s not enough housing like this in the area.”
The location of the development, dubbed Promenade Place, close to the 1-million-square-foot Promenade shopping center, also meshed with the concept, says Randy Podolsky, managing principal of Podolsky Northstar.
“This is for people who have lived in communities all their lives but can no longer afford to rent on their limited income,” Mr. Podolsky says.
The apartments will be financed through the Illinois Housing Development Authority with the use of tax credits provided to investors.
The office portion, which is to take up about two-thirds of the site, is being marketed by Francis Prock of Colliers Bennett & Kahnweiler Inc., Mr. Podolsky says.
The team won’t build speculative office space until the market returns — which he said could be years from now.
A build-to-suit project is the likely first step, he adds, with construction starting only after an agreement is reached with the company that would use the building.
With any Chicago real estate legal matters, contacting a Chicago real estate attorney is the first step.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment