Development firm lays out plans for Joliet’s Riverwalk Homes

A Chicago company provided the Joliet City Council an overview of redevelopment plans for Riverwalk Homes amid concerns from city officials on whether those plans will truly serve residents in the long run.

At the Sept. 5 Joliet City Council meeting, representatives with Holsten Development presented the history of the city’s takeover of Riverwalk Homes – previously known as Evergreen Terrace – and redevelopment plans they say will create up to 150 construction jobs and increase property values.

Holsten Development is the city’s partner in managing the low-income housing complex, which is expected to shrink from 356 units to 177 units after it is redeveloped.

The council is expected to vote on tax credits that would fund most of the $77 million project. Those tax credits have a “shelf life,” according to Dan Burke, midwest regional director for the U.S. Department of Housing and Urban Development.

“If you don’t put them into place within certain periods, you lose them,” Burke said to the council.

At the council meeting, Joliet Mayor Terry D’Arcy said he invited Peter Holsten, president of Holsten Development, to address the council about the project.

“I just want to make sure it’s a fair deal for the city and a fair deal for those living in the apartments,” D’Arcy said.

Cesar Cardenas, a City Council member whose district includes Riverwalk Homes, said his primary concern was whether the proposed improvements, the bulk of which appeared cosmetic, will “improve the quality of life for those [who are] current residents and the future residents of this property.”

“The model just seems outdated to me,” Cardenas said.

“By de-densifying Riverwalk Homes and carrying through on an initiative we’re doing right now by not tolerating bad behavior, we feel [it will] have a definite positive increase on people’s property values.”

—  Peter Holsten, president of Holsten Development

Holsten told the council the proposed redevelopment timeline will include construction beginning third quarter – or late summer – of 2024. Construction is expected to last until the first quarter 2026.

Holsten said four buildings from the site will be demolished while four other buildings remaining at North Broadway streets. He showed the council a diagram of what what the property will look like after construction.

“After construction, you can see the site along the [Des Plaines River] is open,” Holsten said.

Holsten said the site will be upgraded with “extensive new landscaping, community garden, playground and picnic area.”

The landscape at Riverwalk Homes will include outdoor seating, ornamental trees and concrete ramp with the stairs, Holsten said.

Holsten said the city will benefit from the redevelopment project with 100 to 150 construction jobs, increased neighborhood stability and increased property values.

“By de-densifying Riverwalk Homes and carrying through on an initiative we’re doing right now by not tolerating bad behavior, we feel [it will] have a definite positive increase on people’s property values,” Holsten said.

Council member Larry Hug told Holsten the redevelopment plan doesn’t show the construction of brand new buildings.

“We’re going to preserve three or four of the buildings, tear down the rest and remodel of those three or four for 177 units?” Hug said.

“That’s correct,” Holsten said.