CHICAGO, Illinois. October 1, 2020 (Daily Herald) — Construction of the $20 million Kenzie Senior Residences at Randhurst officially launched with a groundbreaking ceremony led by the project’s developer, the Cook County Board president and the Mount Prospect mayor. The project to provide 74 units of affordable housing for seniors 55 and older has been in the works for three years, with financing recently secured with help from state and county agencies.
“This new development is a signal of hope during these unsettling times and will provide our seniors with a decent, safe and affordable place to live in suburban Cook County for years to come,” Cook County Board President Toni Preckwinkle said in a prepared statement. The project developer, James Perlman, founder and CEO of Perlmark Housing Group, secured financing with help from the Illinois Housing Development Authority’s affordable housing tax credit program and Cook County’s HOME Investment Partnership Program.
Bank of America and Redstone Capital provided construction financing and permanent financing. The Housing Authority of Cook County has committed limited rental assistance to assist extremely low-income, disabled and veteran seniors. “There is a growing need for affordable senior housing throughout Illinois, and these new apartments will go a long way to address some of the unmet demand in the Northwest suburbs,” Illinois Housing Development Authority Executive Director Kristin Faust said in the release.
The 68,700-square-foot three-story elevator building is on East Kensington Road across from the Randhurst Village Shopping Center. It will feature 60 one-bedroom, one-bathroom apartments and 14 two-bedroom, one-bathroom apartments. It will also have community rooms and lounges, with an array of coordinated support services. Units range from 617 square feet to 900 square feet, from $400 to $1,083 per month.
“We embarked upon a mission more than 30 years ago to provide market rate and affordable senior rental communities throughout the Chicagoland area,” Perlman said in the release. “We want to thank the Village of Mount Prospect for their vision and support needed for the financing, zoning, and coordination of senior services for our future residents.”
Mount Prospect Mayor Arlene Juracek noted additional affordable senior housing has long been part of village’s strategic plan. “We look forward to its residents calling Mount Prospect home,” she said in the news release.