Jan
31

Two Senior Housing Complexes Proposed in Batavia

January 31, 2011

At a time when you don’t see a lot of new Chicago real estate going up, one southwest suburb has two developers vying to build.

Each developer has addressed the Batavia city council with plans to construct senior housing complexes in Kane County’s oldest city. Most likely, only one will prevail.

Last month, Equity Growth Group presented a plan to build an 80-unit senior housing development on undeveloped land west of Randall Road and south of Fabyan Parkway.

Last week, DKI Real Estate Development of Chicago offered its plan to build a 100-unit senior housing project on the northeast corner of Deerpath Road and Main Street.

Now both developers are in a race to secure financing.

They each have until mid-April to get tax credits from the Illinois Housing Development Authority.

Iowa-based Equity Growth Group already has two operating senior housing developments in Illinois and each are almost 100 percent occupied.

Their developments are touted as upscale yet affordable, complete with computer labs, craft rooms and baby grand pianos in their lobbies.

Their current proposal includes 72 units being designated as affordable with the last eight being rented at market price.

Their proposed Batavia site would have to be rezoned for the project.

DKI’s plan would be a two- to three-story senior building with studio, one- and two-bedroom apartments for rent.

Their proposed site, a 5.2-acre parcel owned by Batavia Enterprises, would also have to be rezoned for high-density residential.

The need for affordable senior housing in Batavia is evident; there are waiting lists for other such complexes in the area.

In 2007, Batavia was ranked by Business Week as one of the “50 Best Places in the U.S. to Raise Kids.”

In 2009, Batavia made CNN Money‘s “Top 100 Best Small Towns” list.

Now, with the help of these developers, maybe Batavia can also become one of Illinois’ best places to retire.

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Tracey

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