Libertyville is a step closer to getting affordable senior housing.
Community Partners for Affordable Housing plans to demolish a vacant commercial building at 500 Peterson Road and build a development with 34 apartments for seniors, the Daily Herald reported. The organization also plans to move its offices to the ground floor of the development.
The plan commission will submit a report to the village board on Tuesday. If approved, staff will begin drafting ordinances allowing the development to move forward.
The development will be named Eve B. Lee Place in honor of a former Libertyville resident and founding board member of the Affordable Housing Corporation.
Supporters say it would bring in an estimated investment of $17 million and address the village’s need for housing. In addition, advocates say removing the empty building would improve the commercial corridor as it has been vacant for more than a decade.
Village staff and the advisory plan commission said the development is consistent with the village’s broader 2030 comprehensive plan and both recommended approval. The site itself is close to public buildings, restaurants and health offices.
Community Partners still needs approval to build a housing development in a commercial area. In addition, the development will also require zoning deviations to allow for more than the maximum 33 residential units and increase the building’s floor area.
Community Partners revised the plan after presenting it in April. In response to concerns about the placement of the building, it was moved further south and includes fencing along the back of the property line.
The majority of funding for the project will come from tax credits from the Illinois Housing Development Authority. Lake County also secured $1.5 million of federal American Rescue Plan Act funds for the development.
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