$20 million project approved in Libertyville would include 34 'attainable' rental apartments
Nearly a year after being introduced, a $20 million plan to provide "attainable" housing for seniors and empty-nesters and improve the Peterson Road corridor in Libertyville has been approved by village officials.
The village board on Tuesday unanimously voted for the final plan by Community Partners for Affordable Housing for Eve. B. Lee Place to replace a long-vacant building at 500 Peterson Road.
The board vote allows the organization to close out the financing and other details by late spring, with groundbreaking on the 1.46-acre site in the summer. Construction is estimated to take about 15 months.
Commercial space on the first floor will be occupied by Community Partners for Affordable Housing's new headquarters and provide for on-site property management. The key aspect of the project is 34 rental apartments for people 55 and older on the second and third floors.
"It's a wonderful opportunity to put the site back to productive use after so many years, help revitalize the stretch of Peterson Road, and provide much-needed housing for seniors who otherwise couldn't afford to stay in the community," said Rob Anthony, president of the nonprofit.
The building is designed to be energy-efficient with all-electric systems and include a shared community room, on-site laundry, a fitness room, a computer lab, covered drop-off/pick-up, an outdoor patio, green space and a walking path for residents.
Anthony said the total investment is about $20 million. Funding comes largely through tax credits from the Illinois Housing Development Authority, federal funds from Lake County and a community project grant secured through U.S. Rep. Brad Schneider's office, he said.
Donations from corporations, foundations and individuals to support the project also are being sought, Anthony said.
According to Community Partners for Affordable Housing, the existing building has been vacant for more than 10 years. Replacing it with a new mixed-use development aligns with village plans to revitalize the Peterson Road corridor and provide what's called attainable or affordable housing, particularly for empty-nesters, early retirees and seniors who want to stay in town.
"We desperately need housing in the community for seniors," said Trustee Pete Garrity. "It's a huge need."
The development will comprise mostly one-bedroom units with rents in the range of $1,050 to $1,250 per month including utilities, according to the project description submitted to the village.
According to the village's 2030 Comprehensive Plan, affordable rental options especially are needed among people 55 to 74 years old, an age group that showed the greatest population growth from 2000 to 2016.
Several public hearings were held by the village's plan commission beginning in April 2022 and revisions made in response to questions about the proximity to the Forest Creek subdivision to the north and other issues.
Eve B. Lee Place is named for a former Libertyville resident and founding board member of the Affordable Housing Corporation, which operates under the umbrella of Community Partners for Affordable Housing. Lee is chair of CPAH.