NAPERVILLE, Ill. (October 18, 2011)—Ryan Companies US, Inc. announced plans to develop and construct an 80-unit, affordable senior apartment community, further expanding the Thomas Place brand it has established in Illinois. Thomas Place Orland Park, a $22-million development, is the fourth project in suburban Chicago Ryan has created 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.
“We are excited about Thomas Place Orland Park, an extension of our portfolio that focuses on bringing quality housing developments to independent seniors with limited financial resources,” said Dan Walsh, vice president of development, Ryan Companies US, Inc. “A new component we bring to the Thomas Place model with this community is our partnership with Providence Life Services. They are an anchor in the south suburbs with a reputation of quality care and progressive concepts in senior living. Their participation will expand the awareness within the market that Thomas Place is a community of dignity and compassion.”
Thomas Place Orland Park is an expansion of the development team's goals of creating attractive, affordable properties that allow seniors with limited incomes to live in their own communities. The Thomas Place portfolio includes completed developments in Fox Lake, Ill., and Glenview, Ill. Thomas Place Gurnee is currently under construction.
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.
All apartments at Thomas Place Orland Park will include a balcony, a full-sized kitchen with modern cabinetry and appliances, window treatments and walk-in closets. The affordable units will be equipped with a features-and-amenities package that is above standard, specifically when compared to other availabilities in the area. The market-rate units will be larger and will include higher-grade unit finishes. A distinctive amenity of Thomas Place Orland Park will be its 80 indoor parking spaces in addition to 25 outdoor spaces.
Like the other Thomas Place developments, the Orland Park project showcases Ryan's expertise in design, development and construction. The façade of the building was designed with a classic, elegant look and features board and batten siding and brick veneer. The building will have abundant resident common space that is centrally located between two residential wings of the building, a layout that was designed to encourage socializing and help create a sense of community. The common area will include a dining room and kitchen, a TV and entertainment lounge, a library, a game room, a media entertainment center and a fitness center.
The exterior of the property will be professionally landscaped with a private courtyard and a covered drop-off area for residents and guests. Renaissance Realty Group will provide on-site property management to take care of leasing, snow removal, building repairs and other property maintenance matters. The property features state-of-the-art building security technology for controlled access and monitoring of resident and common area spaces.
Age-restriction guidelines require that all residents in each unit at Thomas Place Orland Park must be 55 or older. Income restrictions will apply to the 72 affordable units. The monthly rents for the one-bedroom units range from $786 to $975, and range from $902 to $1,175 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).
Ryan is serving or has served as developer, owner and/or general contractor on numerous multi-family housing projects, primarily in the Midwest. These projects account for in excess of 2,700 units which have been placed into service or in varying stages of the development and construction process. This includes approximately 1,000 units in market-rate and affordable senior housing projects.
For more information about Thomas Place Orland Park, call (630) 328-1115.
About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a national builder, designer, developer and real estate manager specializing in fully integrated solutions for more than 70 years. With a mission to build lasting relationships, Ryan delivers full-service customized solutions based on industry expertise and total collaboration — pairing customers’ expectations with a specialized team of constructors, architects, engineers, developers, property managers and financiers. In its first 12 years of operation, Ryan’s Great Lakes region has completed more than $1 billion in projects for customers such as Deere & Company, Isle of Capri, Target Corporation, Dominick’s, C.H. Robinson, Froedtert Health, Cisco Systems, Hitachi, Iron Mountain and Kraft/Cadbury. Ryan serves customers throughout the U.S. with offices in the Midwest, Southwest, Great Lakes and Southeast regions.
About Jim Bergman
Jim Bergman has been developing affordable housing communities, under Section 42 of the Internal Revenue Service code, since 1989 with his first project in Sterling, Ill. Over the course of 20 years, Bergman, based in the Quad Cities, has been involved in the development and ownership of approximately 30 projects totaling 2,000 units in Illinois, Iowa, Wisconsin and Mississippi. His portfolio of properties, including Thomas Place Glenview and Thomas Place Fox Lake, maintains a 95 percent occupancy level.
About Providence Life Services
Providence Life Services is a not-for-profit multi-site senior living organization founded in 1956 and headquartered in Tinley Park, Ill. Providence operates in Illinois, Indiana and Michigan and has facilities in 11 different communities along with providing home health care and hospice to the greater Chicago market. Providence Management and Development Company (a wholly-owned subsidiary of Providence Life Services), a for-profit corporation, offers facility management and development services to aging service organizations as well as those related to Providence owned facilities. Additionally, IT functions are provided by ProviNET Solutions, an affiliate of Providence, which offers comprehensive technical and accounting support to Providence facilities as well as services to a wide variety of third party health care related organizations.
About Renaissance Realty Group
Renaissance Realty Group, Inc. is a member of The Renaissance Companies (TRC). TRC is a developer/owner/manager of multi-family housing, and has been in Chicago since 1985. TRC specializes in Section 42 projects, but has successfully created numerous condominium and townhouse developments. TRC builds relationships — with people, with communities—and currently owns and operates more than five hundred units of affordable housing in two states. An affordable housing consultant and manager, TRC believes in making a difference.