Shovels are in the ground for Thomas Place Gurnee, a new $25.4M, 100-unit affordable housing development at 401 Hunt Club Rd in Gurnee—and it's set not only to help local residents, but the local government as well (which many of us wish would happen nationally). How? Ryan Cos Dan Walsh (GC and co-developer with Jim Bergman) said Wednesday that the project will generate $4.6M in property taxes without adding new children to the school district. The building (with lots of green elements) will only occupy about half of the 12-acre site, with the rest being left as open land for the seniors to enjoy. And the affordable units are arriving just in time—older folks have been moving out since there's not much senior housing in the area. Pioneer Property Management will operate the building;Credit Capital and The Richman Group are providing construction financing. |
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