Once constructed at the corner of Chicago and Harlem avenues, village officials expect a new senior care facility to be the third-largest taxpayer in River Forest, with an equalized assessed valuation (EAV) estimated at $6.8 million.
At a village board meeting on Oct. 15, River Forest village trustees voted unanimously to approve The Sheridan at River Forest, a four-story, 125-unit senior living home at 800-826 N. Harlem Ave. Developer Senior Lifestyle and the Kaufman Jacobs investment firm proposed the plan.
At the meeting, village officials said The Sheridan also should provide more than $400,000 in annual tax revenue to school districts 90 and 200, without adding additional stress to the districts since the memory care and assisted living residents will not attend the schools.
River Forest Town Center I is the highest taxpayer in River Forest, with an EAV of a little more than $11 million in 2017, according to the Cook County Clerk’s Office. MacNeal Physicians Group is the second highest, with an EAV of $7.7 million last year.
The Sheridan at River Forest will displace River Forest Town Center II for the third spot. Town Center II had an EAV of $6.3 million in 2017.