Company alters senior complex proposal

Lee Provost
lprovost@daily-journal.com

The proposed senior citizens housing complex targeted for east Bradley, not far from the Northfield Square mall, has gone through some changes in an attempt to earn needed funding from the Illinois Housing Development Authority.

The most dramatic change will be the makeup of the complex named Senior Cotteges at Cardinal Drive, noted David Petroni, vice president of development for Cleveland, Ohio-base PIRHL, the development company seeking this $15.3 million development.

At Monday's Bradley Village Board meeting, Petroni said the project, along Cardinal Drive east of the mall, remains at 60 units for income-qualified residents 62 year of age and old.

However, the complex has been flipped in terms of one- and two-bedroom units. Instead of having 42 two-bedroom and 18 one-bedroom units, the proposed complex will have 44 one-bedroom and 16 two-bedroom units.

The shift between one- and two-bedroom units means the complex will shrink by about 4,000 square feet.

Although PIRHL (Partnership for Income Restricted Housing Leadership) was a finalist for funding for the Bradley project last year, it learned IHDA wants that ratio flipped, believing the two-bedroom units were not as necessary.

For this 63,737-square-foot project, Petroni said PIRHL believes it will have a yes or no decision from IHDA no later than July. If it is successful in attaining the funding, he said construction could begin in May 2019 and leasing units could follow by spring 2020.

Rents for income-qualified tenants would range from $350 to $740 for a two-bedroom unit and $300 to $625 for a one-bedroom apartment.

Including an attached garage, a one-bedroom unit would be 992 square feet. A two-bedroom, including garage, would be 1,161 square feet.

PIRHL has been working on this development north of Lemna Avenue and just west of Cardinal Drive since 2015.

In addition to funding from IHDA, the company also is seeking tax credits that would allow it to subtract from taxes owed the government.

Developments similar to this are being built locally. Mercy Housing Lakefront, of Chicago, opened RiverStation, a four-story, 70-unit income restricted unit for seniors last year at West Station Street and South Sixth Avenue. The company has expressed interest in another development in Bourbonnais.

With this development, occupants cannot earn more than 60 percent of the area median income.

Founded in 2004, PIRHL has developed about 30 properties and 1,800 single- or multifamily units in the U.S., largely in the regions of the Midwest, Mid-Atlantic and Southeast.

Lee Provost
lprovost@daily-journal.com

The proposed senior citizens housing complex targeted for east Bradley, not far from the Northfield Square mall, has gone through some changes in an attempt to earn needed funding from the Illinois Housing Development Authority.

The most dramatic change will be the makeup of the complex named Senior Cotteges at Cardinal Drive, noted David Petroni, vice president of development for Cleveland, Ohio-base PIRHL, the development company seeking this $15.3 million development.

At Monday's Bradley Village Board meeting, Petroni said the project, along Cardinal Drive east of the mall, remains at 60 units for income-qualified residents 62 year of age and old.

However, the complex has been flipped in terms of one- and two-bedroom units. Instead of having 42 two-bedroom and 18 one-bedroom units, the proposed complex will have 44 one-bedroom and 16 two-bedroom units.

The shift between one- and two-bedroom units means the complex will shrink by about 4,000 square feet.

Although PIRHL (Partnership for Income Restricted Housing Leadership) was a finalist for funding for the Bradley project last year, it learned IHDA wants that ratio flipped, believing the two-bedroom units were not as necessary.

For this 63,737-square-foot project, Petroni said PIRHL believes it will have a yes or no decision from IHDA no later than July. If it is successful in attaining the funding, he said construction could begin in May 2019 and leasing units could follow by spring 2020.

Rents for income-qualified tenants would range from $350 to $740 for a two-bedroom unit and $300 to $625 for a one-bedroom apartment.

Including an attached garage, a one-bedroom unit would be 992 square feet. A two-bedroom, including garage, would be 1,161 square feet.

PIRHL has been working on this development north of Lemna Avenue and just west of Cardinal Drive since 2015.

In addition to funding from IHDA, the company also is seeking tax credits that would allow it to subtract from taxes owed the government.

Developments similar to this are being built locally. Mercy Housing Lakefront, of Chicago, opened RiverStation, a four-story, 70-unit income restricted unit for seniors last year at West Station Street and South Sixth Avenue. The company has expressed interest in another development in Bourbonnais.

With this development, occupants cannot earn more than 60 percent of the area median income.

Founded in 2004, PIRHL has developed about 30 properties and 1,800 single- or multifamily units in the U.S., largely in the regions of the Midwest, Mid-Atlantic and Southeast.

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