HOUSING THAT HELPS

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.


Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

America's War Machine Is Growing, Sparking A Defense Real Estate Boom

Boca Raton's New Leaders Throwing 'All Kinds Of Curveballs' At Developers

CBRE Posts 16% Revenue Growth In Q2 As Data Center Business Shines

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

While Chicago Development Stalls, Fulton Market Keeps Building