Multifamily Midwest

Ryan Cos. announces plans for $22M affordable senior apartment community

Ryan Companies US, Inc. has announced plans to develop and construct Thomas Place Orland Park, an 80-unit, affordable senior apartment community. The facility, a $22-million development, is the fourth project in suburban Chicago Ryan has created under the Thomas Place brand with its joint venture development partner, Jim Bergman. The development team for Thomas Place Orland Park also will include Providence Life Services.

Ryan Companies US, Inc. has announced plans to develop and construct Thomas Place Orland Park, an 80-unit, affordable senior apartment community. The facility, a $22-million development, is the fourth project in suburban Chicago Ryan has created under the Thomas Place brand with its joint venture development partner, Jim Bergman. The development team for Thomas Place Orland Park also will include Providence Life Services.

Thomas Place Orland Park, an age-restricted community, will be located on a four-acre site at the northeast corner of Wheeler Drive and Harlem Avenue in Orland Park, Ill. The site provides convenient access to shopping, medical services, dining, recreation, public transportation and other senior services. Construction is expected to begin in Spring 2012 and will be ready for occupancy in March 2013.

The four-story building will offer 72 high-quality, affordable apartments and eight market-rate rent apartments.  The development will be comprised of 25 one-bedroom and 55 two-bedroom units. The one-bedroom apartments will measure approximately 756 square feet and the two-bedroom residences will measure approximately 1,008 square feet.

Age-restriction guidelines require that at least one resident in each unit at Thomas Place Orland Park must be 55 or older. Income restrictions will apply. The monthly rents for the one-bedroom units range from $355 to $895, and range from $422 to $1,095 for the two-bedroom units. Pre-leasing will begin three months prior to occupancy.

According to Ryan, in addition to creating affordable living options for seniors, the project is expected to create over 300 construction jobs.

Ryan has constructed two other senior facilities in northern Illinois. Both are 100 percent leased. Thomas Place Glenview, developed in 2007, features 144 units including 108 affordable units. Thomas Place Fox Lake, which opened in the fall of 2010, has 100 affordable units.

Design Build Architectural Services, Inc., a wholly-owned Ryan subsidiary, is providing architectural design services. Thomas Place Orland Park is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority (IHDA).