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
MFPRO+ News | Oct 22, 2024
Project financing tempers robust demand for multifamily housing
AEC Giants with multifamily practices report that the sector has been struggling over the past year, despite the high demand for housing, especially affordable products.
Codes and Standards | Oct 16, 2024
North Carolina’s code policies likely worsened damage caused by Hurricane Helene
The North Carolina Legislature’s rejection of building code updates likely worsened the damage caused by Hurricane Helene, code experts say. Over the past 15 years, lawmakers rejected limits on construction on steep slopes, which might have reduced the number of homes destroyed by landslides.
MFPRO+ News | Oct 16, 2024
One-third of young adults say hurricanes like Helene and Milton will impact where they choose to live
Nearly one-third of U.S. residents between 18 and 34 years old say they are reconsidering where they want to move after seeing the damage wrought by Hurricane Helene, according to a Redfin report. About 15% of those over age 35 echoed their younger cohort’s sentiment.
MFPRO+ News | Oct 9, 2024
San Francisco unveils guidelines to streamline office-to-residential conversions
The San Francisco Department of Building Inspection announced a series of new building code guidelines clarifying adaptive reuse code provisions and exceptions for converting office-to-residential buildings. Developed in response to the Commercial to Residential Adaptive Reuse program established in July 2023, the guidelines aim to increase the viability of converting underutilized office buildings into housing by reducing regulatory barriers in specific zoning districts downtown.
Mixed-Use | Oct 7, 2024
New mixed-use tower by Studio Gang completes first phase of San Francisco waterfront redevelopment
Construction was recently completed on Verde, a new mixed-use tower along the San Francisco waterfront, marking the end of the first phase of the Mission Rock development. Verde is the fourth and final building of phase one of the 28-acre project that will be constructed in several phases guided by design principles developed by a design cohort led by Studio Gang.
Sponsored | | Oct 7, 2024
ProWood® FR Used in Two 6-Story Multifamily Units
How ProWood FR Fire-Retardant Treated Products Benefited this affordable housing project
Affordable Housing | Oct 4, 2024
3 new affordable housing projects for October 2024
As affordable housing continues to grow, more projects are looking to diversify their footprint by adding mixed-use components, community areas, and more.
MFPRO+ News | Sep 24, 2024
Major Massachusetts housing law aims to build or save 65,000 multifamily and single-family homes
Massachusetts Gov. Maura Healey recently signed far-reaching legislation to boost housing production and address the high cost of housing in the Bay State. The Affordable Homes Act aims to build or save 65,000 homes through $5.1 billion in spending and 49 policy initiatives.
MFPRO+ News | Sep 23, 2024
Minnesota bans cannabis smoking and vaping in multifamily housing units
Minnesota recently enacted a first-in-the-nation statewide ban on smoking and vaping cannabis in multifamily properties including in individual living units. The law has an exemption for those using marijuana for medical purposes.
Adaptive Reuse | Sep 12, 2024
White paper on office-to-residential conversions released by IAPMO
IAPMO has published a new white paper titled “Adaptive Reuse: Converting Offices to Multi-Residential Family,” a comprehensive analysis of addressing housing shortages through the conversion of office spaces into residential units.