Friday, January 24, 2020

Evergreen Real Estate Group and Chicago Housing Authority Break Ground on Pioneering Affordable Senior Housing Community on Chicago’s North Side


Ravenswood Senior Living is a new 193-unit
affordable senior rental community
at 4515 North Winchester Avenue
 in Chicago’s Ravenswood neighborhood


CHICAGO, IL (Jan. 24, 2020) — Evergreen Real Estate Group today announced the start of construction on Ravenswood Senior Living, a 193-unit affordable rental community at 4515 N. Winchester Ave. in Chicago’s Ravenswood neighborhood.

Evergreen representatives joined 47th Ward Ald. Matt Martin and officials from the Chicago Housing Authority (CHA), Illinois Housing Development Authority (IHDA) and other partners at a ceremonial groundbreaking on Jan. 23.

The pioneering $81 million project will convert the former Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into much-needed affordable senior housing.

Civic officials and other development partners
 joined Evergreen Real Estate Group
to celebrate the groundbreaking
of Ravenswood Senior Living

From left:  Stephen Sparks, senior vice president, Key Bank; Jim Cunningham, deputy regional administrator, U.S. Department of Housing and Urban Development; Samir Mayekar, deputy mayor of neighborhood and economic development, city of Chicago; James Bible, acting CEO, Chicago Housing Authority; Mike Griffin, fund manager, National Development Council; Kristin Faust, executive director, Illinois Housing Development Authority; Jeff Rappin, founder and chairman, Evergreen Real Estate Group; and 47th Ward Ald. Matt Martin.

  It is one of the first developments in the country to offer both independent living and supportive living for low-income seniors in a single location, allowing residents to age in place as their needs and lives change. 

Located between Damen and Ravenswood avenues, the 10-story building will have 74 one-bedroom independent living apartments for CHA residents, as well as 119 units for participants in the Illinois Supportive Living Program, an alternative to nursing home care that is administered by the Illinois Department of Healthcare and Family Services.

While the two communities will be located in the same building, they will have separate entrances and operate independently from each other. 

Jeff Rappin

“This important project is a rare opportunity to bring much-needed affordable senior housing to Chicago’s North Side while establishing a viable financing model that can be applied to future senior developments across the country, especially as the population continues to age,” said Jeff Rappin, founder and chairman of Evergreen Real Estate Group.

“Ravenswood Senior Living will provide a full spectrum of housing options in a single location, making it possible for CHA residents to transition into a new, yet familiar, home if and when they require assistance with daily tasks like bathing, dressing and making meals.

"We're proud to partner with the CHA in creating neighborhood-based affordable housing that benefits some of Chicago’s most vulnerable residents.”   


James L. Bebley

“This development illustrates CHA’s creative approach to expanding affordable housing,” said CHA Acting CEO James L. Bebley. “It offers a unique combination of independent living and supportive living for low-income seniors, but also is one of the first in the nation.

"And, it is an example of CHA’s commitment to build strong, vibrant communities throughout Chicago.”

“This groundbreaking was made possible by a public-private partnership that has been working for years to help residents age in place as their housing needs change,” IHDA Executive Director Kristin Faust said.

 “Affordable housing doesn’t have a one-size-fits-all solution, and Ravenswood Senior Living is an innovative development that will support a continuum of options for Chicago residents as they age.”


Kristin Faust

Rappin added that while the former hospital is not an official historic structure, it is an important local landmark to the community and, as a result, Evergreen plans to revitalize and maintain much of the original structure.

Ravenswood Senior Living is owned by Evergreen Real Estate Group in partnership with Chicago-based Synergy Construction Group and the Chicago Housing Authority.

 Financial partners for the independent living community include the CHA, which is providing Rental Assistance Demonstration (RAD) project-based vouchers for all 74 residents, as well as a significant amount of capital funds.

Matt Martin

 Evergreen also worked with IHDA, the National Development Council (NDC), Ravenswood Community Council, ComEd’s Energy Efficiency Program via the CHA Community Support Corporation, IFF and Key Bank to secure additional funding and tax credits.

 Leopardo Companies is the general contractor, with Evergreen Construction Company and Synergy Construction Group serving as subcontractors.

Ravenswood Senior Living is located close to public transit, including the Damen and Montrose Brown Line stations, the Ravenswood Metra stop, and several CTA bus routes.

The Ravenswood Senior Living project is the third affordable senior housing community that Evergreen has developed on Chicago’s North Side over the past year.


CONTACTS:

 Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com,
(312) 267-4514

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528 

www.evergreenreg.com


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