Village Purchases 32-Unit Apartment Complex, Plans to Demolish Building to Develop Senior Housing

The Village of Woodridge purchased the western 3 1/2 acres of the Pine Ridge apartment complex, located at 8055 Janes Avenue, Thursday.

The purchase puts the Village one step closer to providing senior housing for residents, according to a Village press release. The 32-unit apartment complex on that property will be demolished in the spring. The Village will be seeking out a senior housing developer to develop the land.

The purchase is part of a $10 million investment by the owner of Pine Ridge to turn the remainder of the apartment complex into 123 condominiums, the release said.

"The partnership between the developer and the Village will increase property values in the area and diversify housing options for residents," the release said.

The purchase was funded through a sales tax put into place in 2007 to encourage community reinvestment, the release said.  Bonds were also issued last month to purchase the buildings. Those bonds will be repaid with the dollars already and currently being generated by that portion of the Village’s sales, according to the release.