Senior Housing: Planned for Waukegan’s Fountain Square
from Lake County New Sun
Plans for a six-story, 75-unit affording housing complex for senior citizens were announced Tuesday.
The Residences at Fountain Square will be built near the intersection of Waukegan Road and Casimir Pulaski Drive by Northbrook-based Banner Apartments, which said the project will generate 102 construction jobs.
The development is the second within a week announced for the Fountain Square area. Aldi said it is moving its Park City grocery store to Fountain Square.
A Banner spokesman said Tuesday that the company, a family-owned and operated real estate investment and property management business specializing in multifamily rental housing, is working closely with Waukegan’s Park Place Senior Center to coordinate services and activities for the building’s residents. The project will be compliant with green initiative guidelines.
Apartments will be available to people 55 and older who earn no more than 60 percent of the area’s median income. The Waukegan Housing Authority will provide additional assistance to qualified seniors for 20 percent of the apartment homes. Leasing is expected to begin in spring.
Building amenities will include a community room with fireplace, fitness center, business center, outdoor patio and community garden. Dial-a-Ride Services by Pace will be available to the residents.
“There is a critical need for affordable senior housing in this community, specifically in close proximity to the retail services provided by our neighbors,” said Tom Suminski, development director for Banner, which owns and manages more than 5,500 units throughout the Midwest and Florida, including approximately 2,300 units of affordable housing.
“We are excited to be building in Waukegan, and we couldn’t be happier with the team effort that got us to this point,” Suminski said. “The development process has been challenging, given the economic climate. However, the determination and support of all the parties involved made this possible.”
The Illinois Housing Development Authority provided $4.2 million in federal stimulus and federal low-income housing tax credits for the development. The federal tax credits generated an additional $12.5 million in private equity for the development.
“The Illinois Housing Development Authority is proud to play a critical role to ensure Waukegan seniors have safe and decent affordable housing,” said IHDA Executive Director Gloria Materre. “The Residences at Fountain Square demonstrates how federal housing stimulus dollars are working to further Illinois’ economic recovery. To date, federal stimulus funds have revived construction work on more than 3,000 affordable homes and have created nearly 3,700 jobs statewide.”