With shovels in hand, Leyden Township Supervisor Rocco D. Biscaglio and representatives of general contractor F.H. Paschen and developer Evergreen Real Estate Group marked the groundbreaking of a transformative new senior housing development and community center in Franklin Park, Illinois.
The event, attended by U.S. Congressman Jesus G. “Chuy” Garcia, Illinois State Representative Brad Stephens, Cook County Commissioner Frank J. Aguilar and other community leaders, signals the first significant step forward in addressing the critical housing needs of West Suburban Cook County seniors while transforming a vacant stretch of Mannheim Road.
The Leyden Senior Apartments, a highlight of the Moving Mannheim Forward initiative, will feature an 80-unit, four-story residential building specifically designed to provide safe and comfortable housing for local seniors. The new Carl Fiorito Senior Center, a one-story community center will complement the apartments, offering programs, activities, and services tailored to the needs of older residents of Leyden Township.
“Leyden Township is committed to addressing the challenges faced by our senior population,” said Rocco D. Biscaglio, Leyden Township Supervisor. “This community is a testament to our dedication to providing all of the seniors in Leyden Township with accessible housing and the resources they need to sustain and improve their quality of life within our community.”
Serving as the general contractor, Chicago-based F.H. Paschen has fast become a leader in the public-private housing partnerships that aim to bridge the gap in the need for senior, workforce and market-rate housing that is emerging across the Chicago suburbs.
“This senior center and housing community represents a profound moment for Leyden Township and its residents,” said Jim Blair, CEO of F.H. Paschen. “It is also another important milestone that demonstrates how F.H. Paschen is partnering with local governments to build critical public-private housing that allows seniors to age-in-place in their local communities.”
The redevelopment site is approximately 2.8 acres of vacant land located at the intersection of Mannheim Road and Nevada Avenue in Franklin Park. In addition to supporting the housing needs of the community, the community adds a new amenity for taxpayers. This development is also part of a land use improvement plan that is in keeping with Leyden Township’s efforts to revitalize the Mannheim Road corridor.
“The Leyden Senior Apartments are a leading example of how public-private partnerships can positively impact communities, said David Block, director of development for Evergreen Real Estate Group. “This development will bring much-needed senior housing to an area where it is greatly needed. Township Supervisor Biscaglio and the Board had a vision for improving their community and today is the realization of that vision.”
The combined development is financed through multiple sources, including the Illinois Housing Development Authority (IHDA), Bank of America, Hudson Housing, Leyden Township, and the Cook County Department of Planning and Development. Mesirow Financial participated in the underwriting syndicate for the IHDA financing and served as the lead underwriter for Leyden Township’s General Obligation bond offering, which secured the remaining funds needed to complete the funding stack.
“Leyden Senior Apartments will be a meaningful development for Leyden Township, not only for the delivery of critical affordable housing and an adjacent senior center, but also for the significant investments being made within the community and along Mannheim Road”, said Chris Nash, Senior Relationship Manager at Bank of America. “These investments will be catalytic for additional jobs, tax revenue and investments, the result of which should ease budgets and free up competitive resources. Bank of America is grateful for the ability to partner with Evergreen Development, IHDA, Leyden Township and so many others to help bring this bold vision to life”.
Also in attendance at the groundbreaking was Illinois State Representative Camille Y. Lilly and the Honorable Barrett Pedersen, Franklin Park Mayor.
