Mayfair Commons Senior Housing Center, 4444 W Lawrence at Elston
North River Commission’s Mayfair Commons opened in 1999 as part of a large community-wide redevelopment plan. The original federal tax credits used to finance the development have now expired, which necessitates refinancing the project. North River Commission is committed to preserving Mayfair Commons as affordable senior housing, preventing its conversion into market rate condominiums, and avoiding displacement of its senior tenants.
In 1995, with the departure of Bankers Life and Casualty Company from the Mayfair community, NRC lead the redevelopment of the vacated properties and 500,000 square feet of vacant land. The master plan included a retail and healthcare center, a new library, an Islamic school, the Mayfair Office Center, 60 affordable condominiums, 2 new restaurants, and the expansion of 10 existing businesses into adjacent properties.
The cornerstone project was the development of the 97-unit $9.5 million Mayfair Commons Senior Housing Center. The project began construction in 1996 and was completed in 1998. When NRC's for-profit partner ran into financial trouble NRC took over development and contracting functions and with the support of a LISC loan completed the project and repaid the loan. The Mayfair Town Center, the entire Bankers Life redevelopment, resulted in $45 million of neighborhood investment, 700 new jobs, and 157 new housing units.
For leasing information, click on the link below to Metroplex, the building management company.