Henry Bros. Co. added to its ever-growing portfolio of affordable housing developments when it broke ground on Crescent Place, a nearly $30 million development at 310 W. Rand Road in Arlington Heights, Illinois.
Crescent Place will be a four-story, 46,000-square-foot building that will include 40 units of which half will be one-bedroom and half will be two-bedroom units. The units will range in size from 646 to 880 square feet. Residents will benefit from common areas that will include a fitness center, community room, library, and a computer café, as well as ample tenant storage space. There will be parking for 80 vehicles.
The owner is a joint venture between the Housing Trust Group (HTG) based in Florida and Turnstone Development based in Chicago. The architect is UrbanWorks with Groundwork, Krogstad Land Design, Eco Achievers, and UpHoldings rounding out the design team. This project is expected to be completed in 2023.
HTG has over 40 years of experience as a full-service developer of multifamily residential communities in Florida and throughout the Southeastern United States and Arizona. This project represents HTG’s first affordable housing development in Illinois. Turnstone Development Corporation is a not-for-profit real estate development corporation that specializes in the construction and preservation of affordable housing. They have developed over 1,800 affordable housing units since 1998.
Funding sources include BMO Harris Bank, Low Income Housing Tax Credit Equity (LIHTC) from National Equity Fund, the Illinois Housing Development Authority (IHDA), and a ComEd grant. Henry Bros. Co. worked closely with HTG providing extensive preconstruction input, which was instrumental in establishing and maintaining construction goals in a challenging market. Henry Bros. Co. has extensive experience with LIHTC and IDHA-funded projects.