$24 Million Renovation of St. Charles Hospital Near Completion

$24 Million Renovation of St. Charles Hospital Near Completion

Pre-leasing has begun at Aurora St. Charles Senior Living, the long-awaited 60-unit independent living facility in downtown Aurora. Formerly St. Charles Hospital, the historic Art Deco building is being converted to modern senior housing as part of a $24 million redevelopment that began in February 2016.

First move-ins are scheduled for December.

“Even after the former hospital sat vacant for five years, the people of Aurora never lost sight of its potential, presenting us with an opportunity to work alongside city and state officials to preserve a local landmark while creating much-needed housing for area seniors,” said David Block, director of development for Evergreen Real Estate Group, which will also manage the community. “Through thoughtful renovations, we were able to restore this extraordinary building and transform it into a vibrant residential community with all of the amenities and services today’s seniors desire in a home.”

Located at 400 E. New York St., Aurora St. Charles Senior Living offers a mix of studio, one- and two-bedroom floorplans with spacious living/dining areas and open kitchens. The community’s renovated interiors showcase a number of original design features, including terrazzo and stone floors in common areas, oversized windows in each residence and 9-foot ceilings throughout the building.

st-charles-hospital-development-in-aurora-unnamed-5When complete, the property will feature several shared amenity spaces, including a large community room in the hospital’s former chapel that will house a library/reading room and separate computer area. Outside, walking paths and community gardens will provide additional opportunities for exercise and socialization.

Residents will also be able to frequent popular shopping, dining and entertainment destinations in downtown Aurora. In addition to offering convenient access to McCarty Park, located across the street from the community, Aurora St. Charles Senior Living is just a half-mile from the Paramount Theatre and Fox River Trail.

“The walkable location of Aurora St. Charles Senior Living makes it especially desirable for active seniors,” Block said. “Additionally, our on-site staff will organize various activities for residents, including book clubs, movie nights, morning ‘coffee and news’ gatherings, and educational seminars on topics ranging from health to personal finance to further facilitate independent living and create a strong sense of community.”

Designed by Wybe J. Van der Meer, the former hospital was completed in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevelopment, the building had been vacant since 2010, the year it was named to the National Register of Historic Places.

Evergreen Real Estate Group collaborated with Invest Aurora, the Northern Lights Development Corporation, the city of Aurora, the Illinois Housing Development Authority and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the complicated layers of financing and tax credits needed to fund the $24 million rehabilitation.

About $3 million was obtained through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront development in several Illinois cities. The balance of the project’s development cost was covered by a combination of federal historic tax credits, low-income housing tax credits allocated by IHDA and private financing.

“Our extensive knowledge of available tax credits and alternative forms of financing allowed us to move forward with a project that otherwise would not have been feasible,” said Block. “It’s a true public-private partnership that shows what can be accomplished when various stakeholders in a community work together toward a common goal.”

SOURCE: Evergreen Real Estate Group news release

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Tax-Credit Deal Prompts Development of Historic Former Hospital in Aurora

About the City of Aurora

Located 35 miles west of Chicago, Aurora is the second largest city in Illinois with a population of 200,456.  Aurora is known as the “City of Lights” because it was one of the first in the nation to illuminate its streets with electric lights.  Situated along the Fox River and the Ronald Reagan Memorial Tollway (Interstate 88), the city extends 46 square miles encompassing Kane, DuPage, Kendall and Will counties.  Aurora also is home to six public school districts and seven townships. For the latest news, access to an archive of past news releases or to follow the city on Facebook or Twitter, visit the city’s website at www.aurora-il.org.

About Evergreen Real Estate Group

Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across eight states.  Evergreen specializes in thoughtful, creative residential development solutions in communities around the Midwest. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen offers an experienced team of attorneys, architects, and developers to municipalities seeking to create high-quality apartment communities. Evergreen currently owns and manages 6,500 units of multifamily housing. For more information on the company, visit www.evergreenreg.com.