NAPERVILLE, Ill. (July 13, 2011)—Ryan Companies US, Inc. announced plans to develop and construct a 100-unit, affordable senior apartment community, further expanding the Thomas Place brand it has established in Illinois. Thomas Place Gurnee, a $25.4 million development, is the third project in Chicago’s northern suburbs Ryan has created with its joint venture development partner, Jim Bergman.
Thomas Place Gurnee, an age-restricted community, will be located on a 12-acre site on the east side of Hunt Club Road, just north of Washington Avenue, in Gurnee, Ill. Construction started July 5, and the project will be complete and ready for occupancy in Spring 2012.
Thomas Place Gurnee is an expansion of the development team's goals of creating attractive, affordable properties that allow seniors with limited incomes to live in their own communities. The other Thomas Place developments are already open in Fox Lake, Ill., and Glenview, Ill.
“Thomas Place Gurnee expands our senior housing prototype into the far northern suburbs, in the heart of Lake County,” said Dan Walsh, vice president of development, Ryan Companies US, Inc. “Residents will benefit from all the features, amenities and activities the development will offer while still staying close to their family and neighborhood connections.”
The two-story development will feature 33 one-bedroom, one-bathroom units, each with 784 square feet, and 67 two-bedroom, two-bathroom units, each with 1,033 square feet. Apartments at Thomas Place Gurnee will include a balcony or patio, a full-sized kitchen with modern cabinetry and appliances, a washer and dryer, and walk-in closets.
Thomas Place Gurnee showcases Ryan's expertise in design, development and construction. The façade of the building was designed with a classic, elegant look and features board and batten siding and brick veneer. The building will have a common area that is centrally located between two residential wings of the building, a layout that was designed to encourage socializing and help create a sense of community. The common area will include a dining room and kitchen, TV and entertainment lounge, a library, a game room, and a fitness center.
The exterior of the property will be professionally landscaped with a private courtyard and a covered drop-off area for residents and guests. There will be 152 parking spaces, including 101 indoor parking spaces and 51 outdoor spaces. An on-site management team will take care of snow removal, building repairs and other property maintenance matters.
The age-restriction guidelines require that at least one resident in each unit must be 55 or older. Income restrictions will apply. The monthly rents for the one-bedroom units range from $351 to $745, and are $872 for the two-bedroom units. The application process for tenants is underway. For more information about Thomas Place Gurnee, call (847) 973-9737.
“Thomas Place Gurnee rent levels are based on the principle that no more than 30 percent of one’s income should be spent on housing,” Tom Monico, a project consultant and principal of Thomas & Thomas Associates, said.
Gurnee’s interest in having a quality senior development like Thomas Place dates back several years to when Mayor Kristina Kovarik attended a conference at Thomas Place Glenview. Two years after she first pointed out potential sites to Monico, the Gurnee project is set to begin construction. Mayor Kovarik and the entire Gurnee staff worked diligently with the development team to accomplish the goal.
"With the Village almost completely built out we looked at our existing housing stock and overlayed future demographic projections. We identified a large gap in affordable housing for older individuals or couples,” Mayor Kovarik said. “It was important to the Village that our residents have housing opportunities that would allow them to stay in the community. Thomas Place is the perfect setting to fill that need and will be a wonderful addition."
According to Ryan, in addition to creating affordable living options for seniors, the project is expected to create over 450 construction jobs.
Ryan has constructed two other senior facilities in northern Illinois. Thomas Place Glenview was developed in 2007 and features 144 units including 108 affordable units. It currently is 100 percent leased. Thomas Place Fox Lake, which opened in the fall of 2010, has 100 affordable units and is also 100 percent leased.
Design Build Architectural Services, Inc., a wholly-owned Ryan subsidiary, provided architectural design and engineering services. Other development team members include The Burton Foundation, a non-profit organization that assists the poor and needy through grants, aid and low interest rate loans for housing and health needs, and Tom Monico, affordable housing consultant, Thomas & Thomas Associates. Thomas Place Gurnee is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority (IHDA).
The project financing is a combination of tax credit equity provided by Credit Capital, LLC and The Richman Group, and a $17.2 million construction loan and $4.25 million permanent loan from the Citibank.
Ryan is serving or has served as developer, owner and/or general contractor on numerous multi-family housing projects, primarily in the Midwest. These projects account for in excess of 2,600 units which have been placed into service or are under construction. This includes approximately 1,000 units in market-rate and affordable senior housing projects.
About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a national builder, designer, developer and real estate manager specializing in fully integrated solutions for more than 70 years. With a mission to build lasting relationships, Ryan delivers full-service customized solutions based on industry expertise and total collaboration — pairing customers’ expectations with a specialized team of constructors, architects, engineers, developers, property managers and financiers. In its first 12 years of operation, Ryan’s Great Lakes region has completed more than $1 billion in projects for customers such as Deere & Company, Isle of Capri, Target Corporation, Dominick’s, C.H. Robinson, Froedtert Health, Cisco Systems, Hitachi, Iron Mountain and Kraft/Cadbury. Ryan serves customers throughout the United States with offices in the Midwest, Southwest, Great Lakes and Southeast regions.
About Jim Bergman
Jim Bergman has been developing affordable housing communities, under Section 42 of the Internal Revenue Service code, since 1989 with his first project in Sterling, Ill. Over the course of 20 years, Bergman, based in the Quad Cities, has been involved in the development and ownership of approximately 30 projects totaling 2,000 units in Illinois, Iowa, Wisconsin and Mississippi. His portfolio of properties, including Thomas Place Glenview and Thomas Place Fox Lake, maintains a 95 percent occupancy level.
About The Burton Foundation
The Burton Foundation, incorporated in 1992, is a publicly-supported, non-profit corporation based in Sterling, Ill. Its primary purpose is to assist the poor and needy through grants, aid and low interest rate loans for housing and health needs in addition to fostering low-income housing through material participation in affordable housing developments. The Foundation assists about 50-80 families per year. Typical grants include funds for rents, utilities, mortgage payments, insurance, gas cards, medical bills, clothing, repairs, education loans, handicap assistance, dental, pest control and food. The Burton Foundation has provided numerous social services at the sites and in their community. Their housing ventures continue to support their philanthropic activities.
About Thomas & Thomas Associates
Thomas & Thomas Associates has been providing real estate services to developers for 30 years. The firm specializes in providing assistance to affordable housing developers. Over the past 20 years, they have consulted on over 100 projects primarily in the Chicagoland area, the remainder of Illinois and the Midwestern connecting states.