Chicago’s Ravenswood Hospital, built in 1974 on a plot of land near Wrigley Field, closed its doors in 2002. Graffiti covered the vacant building, the basement was flooded, and its ten stories were without electricity.
But an $81.6 million project (partially funded by Grow America) has converted this once-derelict building into the thriving Ravenswood Senior Living center and it is now able to provide independent and supportive living for low-income seniors. Leopardo Companies and Evergreen Real Estate Group, working with the Chicago Housing Authority (CHA) and the Chicago-based Synergy Construction Group, took this one-acre site north of downtown Chicago and constructed the two desperately needed housing units in this community.
“A year and a half after breaking ground, we are proud to announce the completion of this important and long-awaited project that creates affordable senior housing where none previously existed,” said Jeff Rappin, founder and chairman of Evergreen Real Estate Group, which is managing the independent living side of the organization (Asbury Healthcare manages the supportive living community).
Ravenswood qualified for the 4% Low Income Housing Tax Credit program and received additional financing from the Illinois Housing Development Authority’s tax-exempt bonds, an equity bridge loan from KeyBank, and subordinated debt from the Chicago Housing Authority. But a crucial piece of the funding came from Grow America, which provided $16.6 million in equity for the renovation.
“…there really aren’t good options as they become frailer,” said David Block, director of development for Evergreen Real Estate Group, discussing seniors. “Here, they can get more services without having to move.’’
Structural changes were necessary for the re-work, including the addition of an elevator and staircase to provide accessibility at the entrance. But much of the original building was improved, including cleaning the facade, replacing the windows in the original frames, and adding small features to the north side to complement the colors and design of the adjacent French international school known as Lycée Français de Chicago.
“Ravenswood Senior Living shows that solutions to the affordable housing shortage can be found right in our backyard. With the right partners, vacant and underutilized sites can be reimagined as low-income housing that supports the health of communities by improving the lives of residents,” continued Mr. Rappin. Now, the property supports seniors living at 50-60% of AMI.
RSL has a doctor’s office within its facilities (staffed by a physician two days a week, and trained medical professionals are on-hand for 24-hour service) and provides many exciting amenities. With a fitness room, roof deck, community spaces, library and computer room, dining room serving daily meals, and physical therapy areas, each floor is designed to benefit and improve the lives of its seniors within its studio and one-bedroom apartments.
With the Chicago-area senior population growing, this is a vital addition. “With its combination of independent and supportive living for low-income seniors, this development represents an innovative approach to affordable housing and marks important development as an affordable option for seniors,” said CHA CEO Tracey Scott.
Ravenswood Senior Living is the first facility of its kind in Illinois and will provide a pathway for low-income seniors to age in place while maintaining a high quality of life
Tracey Scott CHA CEO
Ravenswood was also one of the first facilities in the country to provide independent and supportive living for low-income seniors in the same building. Its impressive services stand as an example of how smart reuse of a structure can strengthen a community and benefit people in need.
From the ground
