Construction is expected to start this week on the $17 million project of the 90-unit senior housing complex along the South 76th Street Corridor, adjacent to Southridge Mall. The development is part of the village’s first tax incremental financing (TIF) district.
The project's developer, General Capital Group, recently completed purchase of three acres of land from mall owner Simon Property Group Inc. for the development, known as Berkshire-Greendale, according to village officials.
The project, located at 7010 W. Grange Ave., is scheduled to be finished by early 2012.
The construction is part of a larger plan for the area. The village also intends to create a four-way intersection near the mall along Northway that will connect with Southridge Mall's south entrance. Plans will call for redeveloping the former Blood Center property adjacent to the proposed development.
“Our village leaders have been exploring and developing various options for energizing and revitalizing the 76th Street commercial area and we have been encouraged by the feedback within our community,” said Village President John Hermes. “This housing component is one of many recent efforts to enhance the corridor and drive additional growth and development in the surrounding area.”
Units in the senior housing complex, which is designed for independent living, will range from 740 to 1,250 square feet with average values estimated at $60,000.
The TIF is one of two in progress in the village. The second involves the $52.5 million redevelopment of Southridge Mall.