Grand opening for first phase of Whistler Crossing in Riverdale

August 20, 2008

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 1950’s, 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 ranges 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 the “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.