Northbrook, IL – Banner Apartments, LLC is pleased to announce that construction has commenced on The Residences at Fountain Square, a 75-unit affordable housing community for independent seniors. The 6-story community is being built near the intersection of Waukegan Road (Hwy 43) and Casimir Pulaski Drive in western Waukegan, adjacent to the newly redeveloped Fountain Square retail project. The construction project will produce approximately 102 jobs and is compliant with IHDA Green Initiative Guidelines.
Banner Apartments, LLC and its affiliates (“Banner”) are working closely with the local Park Place Senior Center to coordinate services and activities for the building’s residents. Building amenities will include a community room with fireplace, fitness center, business center, outdoor patio, and community garden. Dial-a-Ride Services by Pace will be available to the property’s residents.
Apartments will be available to individuals 55 and older who earn no more than 60% of the area median income. The Waukegan Housing Authority will provide additional assistance to qualified seniors for 20% of the apartment homes. “There is a critical need for affordable senior housing in this community, specifically in close proximity to the retail services provided by our neighbors. We are excited to be building in Waukegan and we couldn’t be happier with the team effort that got us to this point. The development process has been challenging given the economic climate. However, the determination and support of all the parties involved made this possible,” said Tom Suminski, Development Director for Banner.
The Illinois Housing Development Authority (IHDA), the state housing finance agency, provided $4.2 million in federal stimulus and federal Low-Income Housing Tax Credits to build The Residences at Fountain Square. The federal tax credits generated an additional $12.5 million in private equity for the development. “The Illinois Housing Development Authority is proud to play a critical role to ensure Waukegan seniors have safe and decent affordable housing. The Residences at Fountain Square demonstrates how federal housing stimulus dollars are working to further Illinois’ economic recovery. To date, federal stimulus funds have revived construction work on more than 3,000 affordable homes and have created nearly 3,700 jobs statewide,” said Gloria L. Materre, IHDA Executive Director.
The development is a joint effort among Banner, the Waukegan Housing Development Corporation NFP, the Illinois Housing Development Authority, the Royal Bank of Canada, and J.P. Morgan Chase. JJ Duffy, Waukegan General Contractor, is the general contractor for the project; IG Consulting is the engineer; and Worn Jerabek is the architect. Banner Property Management, LLC will be the site manager of the community, which is projected to start leasing in spring 2011.
Banner would like to thank all who supported the development including: Waukegan Mayor Robert Sabonjian; 9th Ward Alderman of Waukegan Rafael Rivera; Illinois Representative Melissa Bean (8th District); Illinois State Representative Carol Sente (59th District); and Lake County Board Chairman Suzi Schmidt (District 3). Representative Sente adds, “I am extremely pleased that Banner Apartments has begun construction on The Residences at Fountain Square, filling a critical void in the heart of Lake County for affordable senior housing. This state of the art facility will provide outstanding housing and services to its senior residents and create hundreds of needed jobs in the service industry to meet the growing needs of our aging population. I look forward to our continued partnership.”