NAPERVILLE, Ill. (July 6, 2010)—Ryan Companies US, Inc. and its joint venture development partner Jim Bergman are less than two months from delivering a 100-unit, affordable and age-restricted apartment community at Thomas Place Fox Lake, the second development by the partnership in northern Illinois. The $24 million project, located at the southeast corner of Big Hollow Road and West Nippersink Road in Fox Lake, Ill, is on track for initial occupancy beginning September 1, 2010.
“We are excited to be completing the construction phase of Thomas Place Fox Lake, and look forward to delivering the community for occupancy on September 1,” Dan Walsh, vice president of development, Ryan Companies US, Inc., said.
When completed, Thomas Place Fox Lake will be a four-story community consisting of 33 one-bedroom, one-bathroom units totaling 784 square feet of private living space and 67 two-bedroom, two-bathroom units totaling 1,033 square feet of private living quarters. Each unit at Thomas Place Fox Lake will include a balcony, a full kitchen equipped with modern appliances, a washer and dryer, and nine-foot ceilings.
The community is designed in a residential architectural style that is accentuated by a grand foyer with vaulted ceilings and fireplace. Common area features, focused on establishing and maintaining a sense of community, include a dining room for entertaining and community events, a great room for socializing and recreational activities as well as a game room, library and fitness center. Other common area elements at Thomas Place Fox Lake include a covered drop-off area, indoor parking spaces for each unit, a heavily landscaped private courtyard and on-site management.
Rents are $732 for the one-bedroom, one-bathroom units and $865 for the two-bedroom, two-bathroom units. There are income restrictions that apply under the Section 42 affordable housing program guidelines. The maximum income for one person is $31,680; for two people it is $36,180.
The Fox Lake Mayor, Ed Bender, heralded the development of Thomas Place Fox Lake on several different fronts.
Ryan Nears Completion of Thomas Place Fox Lake—Add One
“Thomas Place is a great development for the residents of Fox Lake. It offers our seniors the ability to remain in our community in an affordable, maintenance-free setting. It also represents a great opportunity for families in Fox Lake to bring their aging parents here to be closer to family,” he said. “I have seen first-hand the progress they are making and continue to be impressed. The team is developing a much-needed, high-quality housing alternative and is creating jobs in our community.”
According to Ryan since ground was broken and construction commenced in October 2009, more than 450 construction jobs alone have been created by the development of Thomas Place Fox Lake.
The application process for tenants at Thomas Place is now underway. For more information about Thomas Place Fox Lake or the application process, call (847) 973-9737.
Thomas Place Fox Lake represents the second development in the northern suburbs of Chicago for the development team. In developing Thomas Place Fox Lake, the team sought to enhance the design and construction of the original Thomas Place in Glenview, Ill, and build on its relationship.
“Thomas Place Fox Lake has expanded our relationship with Jim Bergman and built on the Thomas Place concept originally established in Glenview,” Walsh said. “It also has given us the opportunity to showcase Ryan’s core strengths, our design, development and construction capabilities.”
Thomas Place Glenview was developed in 2007 and features 144 units including 108 affordable units. It currently is 100 percent leased.
Design Build Architectural Services, Inc., a wholly-owned Ryan subsidiary, provided architectural design and engineering services. Other members of the development team include David Smith, development consultant, Equity Growth Group, and Tom Monico, affordable housing consultant, Thomas & Thomas Associates. Thomas Place Fox Lake is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.
About Ryan Companies US, Inc.
Ryan Companies US, Inc., a nationally recognized design-builder, developer and real estate manager, has specialized in providing fully integrated solutions for more than 70 years. Ryan is currently ranked 76th in Engineering News-Record’s (ENR’s) list of Top 400 Contractors. In its first 10 years of operation, Ryan’s Midwest Division (based in Chicago) has completed over $1 Billion in projects for customers such as Deere & Company, Isle of Capri, Target Corporation, Dominick’s, C. H. Robinson and Froedtert & Community Health. In addition to its Chicago office, Ryan has offices in Minneapolis, San Diego, Tampa, Phoenix and Cedar Rapids, Davenport and Des Moines, Iowa.
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, maintains a 95 percent occupancy level.