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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.
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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.
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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.
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| 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.”
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| 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.”
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| 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.
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| 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:
(312) 267-4514
