Evergreen Real Estate Group, a leader in the development, construction, and management of both affordable and market-rate multifamily properties, has announced the completion of Bellwood Senior Apartments. The 80-unit community at 542 25th Ave. in Bellwood, Ill., a western suburb of Chicago, provides independent living options for low-income seniors.
The $31.5 million project replaces a former Walgreens that had been vacant for nearly five years. The new four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors aged 62 or older, with incomes at or below 60% of the Area Median Income. The building is expected to be 40% leased in December and reach full occupancy in the next few months.
“Bellwood Senior Apartments shows what is possible when an underutilized, vacant site is transformed into an asset that improves the quality of life for everyone in the community,” said Illinois Housing Development Authority (IHDA) Executive Director Kristin Faust. “Mayor Harvey and the Village Board have been champions in bringing housing and economic growth to Bellwood, and we look forward to continuing this work together to ensure affordable housing is a priority for the community’s future.”
Affordable Senior Living Community Features
Homes at Bellwood Senior Apartments include full kitchens, accessible bathrooms, plank flooring, window treatments and intercom entry systems. Residents will share access to amenities including a fitness center; laundry rooms on each level; community rooms on floors one, three, and four; and storage rooms with individual lockers for each unit. The development also includes outdoor seating areas and surface parking for resident use.
Designed by Weese Langley Weese Architects, the contemporary building features gray and black brick masonry accented with large offset vertical panels, dramatic roof overhangs and bright perforated metal panel screens. Situated on the corner of Washington Boulevard and 25th Avenue, the building faces both streets, with a covered front entrance along Washington, and features four floors of floor-to-ceiling glass curtain wall that also encloses the resident community activity spaces.
Bellwood Senior Apartments is less than a mile north of the Eisenhower Expressway, approximately a mile from the Melrose Park Metra station, served by the Union Pacific West Line, and close to bus routes that connect to the CTA’s Forest Park Blue Line station.
Financial partners for Bellwood Senior Apartments include IHDA as the tax credit issuer (both Low Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.
On the Building Team:
Developer: Evergreen Real Estate Group
Architect: Weese Langley Weese
GC: F.H. Paschen
Related Stories
| Nov 13, 2013
Installed capacity of geothermal heat pumps to grow by 150% by 2020, says study
The worldwide installed capacity of GHP systems will reach 127.4 gigawatts-thermal over the next seven years, growth of nearly 150%, according to a recent report from Navigant Research.
| Oct 30, 2013
11 hot BIM/VDC topics for 2013
If you like to geek out on building information modeling and virtual design and construction, you should enjoy this overview of the top BIM/VDC topics.
| Oct 28, 2013
Urban growth doesn’t have to destroy nature—it can work with it
Our collective desire to live in cities has never been stronger. According to the World Health Organization, 60% of the world’s population will live in a city by 2030. As urban populations swell, what people demand from their cities is evolving.
| Oct 18, 2013
Researchers discover tension-fusing properties of metal
When a group of MIT researchers recently discovered that stress can cause metal alloy to fuse rather than break apart, they assumed it must be a mistake. It wasn't. The surprising finding could lead to self-healing materials that repair early damage before it has a chance to spread.
| Sep 19, 2013
What we can learn from the world’s greenest buildings
Renowned green building author, Jerry Yudelson, offers five valuable lessons for designers, contractors, and building owners, based on a study of 55 high-performance projects from around the world.
| Sep 19, 2013
6 emerging energy-management glazing technologies
Phase-change materials, electrochromic glass, and building-integrated PVs are among the breakthrough glazing technologies that are taking energy performance to a new level.
| Sep 19, 2013
Roof renovation tips: Making the choice between overlayment and tear-off
When embarking upon a roofing renovation project, one of the first decisions for the Building Team is whether to tear off and replace the existing roof or to overlay the new roof right on top of the old one. Roofing experts offer guidance on making this assessment.
| Sep 11, 2013
BUILDINGChicago eShow Daily – Day 3 coverage
Day 3 coverage of the BUILDINGChicago/Greening the Heartland conference and expo, taking place this week at the Holiday Inn Chicago Mart Plaza.
| Sep 10, 2013
BUILDINGChicago eShow Daily – Day 2 coverage
The BD+C editorial team brings you this real-time coverage of day 2 of the BUILDINGChicago/Greening the Heartland conference and expo taking place this week at the Holiday Inn Chicago Mart Plaza.
| Sep 3, 2013
Delinquency rate for commercial real estate loans at lowest level in three years
The delinquency rate for US commercial real estate loans in CMBS dropped for the third straight month to 8.38%. This represents a 10-basis-point drop since July's reading and a 175-basis-point improvement from a year ago.