Ryan Cos. Breaks Ground on $24M Project

FOX LAKE, IL-Ryan Cos. US Inc. in conjunction with development partner Jim Bergman has broken ground on a 100-unit age-restricted residential project. The Thomas Place Fox Lake development will cost $24 million to construct and is likely to be complete by the middle of next year.

“Thomas Place Fox Lake is a great project for Ryan Companies to expand our relationship with Jim Bergman and build on the Thomas Place concept originally established with Thomas Place Glenview,” says Dan Walsh, VP of development for Ryan. “It also gives us the opportunity to showcase Ryan’s core strengths, our design, development and construction capabilities.”

The project, located at the southeast corner of Big Hollow Road and West Nippersink Road here, will be a four-story building with 33 one-bedroom one-bathroom units and 67 two-bedroom two-bathroom units. Amenities in each unit include a patio or balcony, washer, drier and nine-foot ceilings. The common areas will offer residents a game room, fitness center and a room for activities.

Bergman joined as a joint venture partner because of the need he saw in the market for this product type. “There continues to be a real need for elderly housing in Illinois,” Bergman says. “Thomas Place Glenview has been a very strong success; Fox Lake is a sister project and we expect a similar level of success.”

Design Build Architectural Services Inc., a subsidiary of Ryan, is the architect and engineering firm behind the project. The project is being financed under the Section 42 affordable housing program that was established by the state’s Housing Development Authority.