Evergreen Helps Timeless Structures Find New Life As Affordable Senior Housing

September 23, 2021


While new construction can be a viable option for affordable housing developers, quality land sites are often difficult to find, particularly in urban areas where the need for affordable housing is greatest. Taylor Johnson client Evergreen Real Estate Group has found solutions to the nation’s affordable housing crisis hiding in plain sight through the adaptive reuse of underutilized structures, including recognizable landmarks in dire need of investment. According to data from Yardi Matrix, almost 2,000 old buildings were converted into apartments in the last 70 years, and a large share of them have been used for affordable housing. Using this data and the firm’s recently completed hospital conversions as examples, we worked with David Block, Evergreen’s director of development, to place a bylined article in Multi-Housing News, in which Block outlined how developers can leverage economic and environmental benefits unique to adaptive reuse.

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Evergreen partnered with the Chicago Housing Authority and Synergy Construction Group to convert the former Ravenswood Hospital on Chicago’s North Side into Ravenswood Senior Living, a 193-unit affordable senior housing community that is the first in Illinois to offer independent living and supportive living in a single location.
(photo credit: Andrew Bruah Photographer)

 


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