Frankfort Township buys foreclosed condo development to expand senior housing
Rental applications available June 20
FRANKFORT, IL- Frankfort Township last week purchased a foreclosed condo development in order to increase and diversify its offering of senior housing units.
“This was a great opportunity to take an incomplete development in our community and turn it into a positive for our seniors,” said Township Supervisor Jim Moustis. “Several years ago, the Township began planning for more senior housing in order to meet an ever increasing demand for two bedroom units. I am pleased to say we now own a development that will accomplish this important objective.”
The Township purchased the Lighthouse Pointe condo development for just under $1.5 million. Located at Colorado Avenue and Pfieffer Road, the four acre development currently has one 12-unit building constructed that is 85 percent complete along with a partially complete clubhouse. There is enough room on the property to build four more buildings and add approximately 36 more units. All of the condos in the currently constructed building have two bedrooms. Ten of the units will require finishing work, while two of the units are already completed.
“This is one case where we are taking a bad situation and turning it into a good thing for the benefit of the public,” said Trustee Bruce Ebert.
As the first township in Illinois to offer senior housing to residents, Frankfort has 24 one bedroom units at its Autumn Valley complex. No tax dollars are used to support them and rental income provides the means for ongoing operations of the facility as well as maintenance of the common areas. Recently, there has been a demand for two bedroom apartments. While the Township was performing a land use prospectus to determine the feasibility of meeting this need, the Lighthouse Pointe development became available.
“I’m glad we’re able to work out such a tremendous deal for the Township,” said Trustee Nick George.
“This will be a significant investment in our community, one that will allow seniors the chance to stay in this area for many years to come.”
The Township will begin finishing work on the 12-unit building, located at 20668 Landings Pointe, within the next three weeks. If all goes as planned, the first residents will move in on Jan. 1.
“As the senior population continues to increase in our township, this development will help us to meet an essential housing need,” said Trustee Greg Griffin. “The ability to further expand and proactively plan were keys in the decision to purchase this property for our residents.”
Residents can begin submitting lease applications on June 20. The dozen available units will rent between $1250 and $1350 per month.