Real Estate Central

RIVERDALE, Ill., Aug. 20 /PRNewswire/ — Whistler Crossing, an
innovative 132 unit residential development located in Riverdale, Illinois,
will be celebrating its grand opening on Thursday, August 21st at 10 AM at
13711 S. Lowe Avenue. Holsten Real Estate Development Corporation,
Turnstone Development and the Village of Riverdale are hosting the
celebratory event.

This exciting new rental development is the cornerstone of a five-year
revitalization effort to replace the dilapidated and crime ridden
“Pacesetter” development built in the 1950s, which had been targeted by the
Village of Riverdale for comprehensive redevelopment. The first phase of
Whistler Crossing will consist of 90 two- and three-bedroom town homes
along Lowe Avenue that have been completely renovated to include all new
flooring, finishes, windows, heating and plumbing systems, kitchens and
baths. Each town home will include its own washer and dryer, high-speed
Internet connections and two private parking spaces along with an outdoor
patio area.

Because of State, County and local assistance, the beautiful new
housing units at Whistler Crossing will be affordable to a wide range of
incomes. Rents for the town home units along Lowe Avenue will range from a
low of $509 for a two-bedroom unit, to $1,103 for a renovated
three-bedroom, two-story town home. Square footage will range from 1,200 to
1,600.

There will also be two new-construction mixed-use buildings at the
intersection of Lowe Avenue and 138th Street, which will serve as an
attractive and prominent “gateway” into the new development. The two
buildings will include 40 two-bedroom apartments above ground floor
commercial space. First floor space will also include an on-site property
management office, in addition to a resident community center. Rents for a
two-bedroom unit range from $509 to $879. Square footage will range from
865 to 990 square feet.

This initial phase of the development will be followed by additional
phases including rental and homeownership opportunities. Said Peter
Holsten, President of Holsten Real Estate Development Corporation and the
developer for the project, “After five years of hard work and important
collaboration with our stakeholders, we are so pleased that this one-of-a
kind south suburban development will be having its grand opening this
Thursday. It’s been a while in the making, but the actual quality of the
development, from its impressive amenity package to its cutting edge energy
saving features, have made it well worth the wait. We know there is great
enthusiasm and anticipation among families looking for quality affordable
rental housing in Riverdale, because we have been flooded with calls and
inquiries. We look forward to officially opening our doors to the community
this week!”

The Illinois Housing Development Authority invested more than $13.3
million in the Whistler Crossing development, including a $6.3 million
acquisition investment very early on in the project. “This initial
investment was critical in securing additional funding for the development
and has helped to bring affordable housing to residents and also helped to
revitalize the Village of Riverdale,” said DeShana L. Forney, Executive
Director of the Illinois Housing Development Authority.

Illinois State Treasurer Alexi Giannoulias’s office helped make the
first phase of the Whistler Crossing project possible by securing an $11.74
million low-interest bridge loan. Under the Treasurer’s Opportunity
Illinois: Community Development program, the project received a
below-market interest rate that will save it $575,540 in interest payments
over three years.

“This is the largest low-interest loan the Treasurer’s Office has ever
obtained for a community development project, which speaks volumes about
our commitment to the revitalizing struggling neighbors,” Giannoulias said.
“Whistler Crossing brings together low and moderate income residents and
raises the standard of living by offering modern amenities such as Internet
access and energy efficient appliances to all residents. This has the
potential to be a model for future affordable housing developments.”

Riverdale’s Mayor Zenovia Evans echoed the sentiments of many community
stakeholders when she stated that “The development of the Pacesetter
community is very important for the Village of Riverdale and also for the
region. This is key in moving forward, and we are ecstatic, that finally,
after years of effort, all our hard work has come to fruition.”

In addition to the important state assistance programs described above,
the Cook County Department of Planning and Development committed $4,591,552
of their resources to Whistler’s Crossing, thus demonstrating a large
commitment to the redevelopment effort. Said Maurice Jones, Director of
Planning and Development for County of Cook, “The County is excited about
the opportunity that this development presents for the South Suburban
citizens. We look forward to working with the community on future phases of
this impressive new development.”

Holsten Real Estate Development Corporation has successfully developed
more than $500,000,000 in affordable, market rate, mixed-income, and
mixed-use housing, and commercial developments throughout Chicago. Holsten
has won many accolades and awards for its properties and innovative
development efforts. The company has proven it can handle large challenging
projects due to its top-notch approach to design, land assembly and
financing.

For more information on Whistler Crossing, its newest residential
development, please call the Whistler Crossing rental office @
708-849-3600; the hours are 9:00am to 5:00pm Monday through Friday.

See Also:

• South Pacific Development Group Secures Land Deal for $450 Million Resort in Samoa
• Kaleidico’s Lead Management Moves Beyond Mortgage-only CRM
• Distressed IndyMac borrowers to get relief - Aug. 20, 2008
• Kevin Parker, CEO of Deltek, to be the Keynote Speaker at the Inaugural Event of The Executive Circle
• SIOR Commercial Real Estate Index Reflects Country’s Economic Woes

[Via Real Estate Newswire]