Village takes next step in improving Janes Ave. corridor

A significant milestone in improving the Janes Avenue corridor was accomplished on Thursday, January 13th, when the Village purchased the western 3 ½ acres from the owner of the Pine Ridge Apartment complex located at 8055 Janes Ave.

This purchase marks a significant step towards meeting two primary goals established by the Woodridge community. Not only does the purchase put the Village one step closer to providing senior housing for residents, it also is part of a $10 million investment that will be made by the owner of Pine Ridge to convert the remainder of the Pine Ridge apartment complex into 123 market rate condominiums. The partnership between the developer and the village will increase property values in the area and diversify housing options for residents.

The aging 32-unit apartment complex purchased by the village will be demolished this spring and the village will seek out a senior housing developer to develop the parcel.

The purchase was funded through a one-quarter percent sales tax put into place in 2007 to encourage community reinvestment. Bonds were issued last month to purchase the buildings and those bonds will be repaid with the dollars already and currently being generated by that portion of the village's sales.