(To read more on the multifamily market, click here.)
OAK BROOK, IL-Construction is expected to begin in the next 45 days on one of four senior apartment developments in the western suburbs. A joint venture by Inland Real Estate Development LLC, based here, and HPD Cambridge Inc., based in St. Louis, will spend $55 million to construct a total of 144-apartments in LaGrange, Clarendon Hills, Lombard and Elmhurst.
The projects include LaGrange Pointe with 30 units at 93 S. LaGrange Rd. in LaGrange, Pointe at Clarendon Hills with 51 units at 9-23 Walker Ave. in Clarendon Hills, The Pointe at Lombard with 51 units at 221-226 W. Charles Rd. in Lombard and Elmhurst Pointe with 32 units at 111 W. 3rd St. in Elmhurst.
Inland and HPD Cambridge decided to partner on the project after Inland was approached by HPD president Dave Sanders, says Anthony Casaccio, president of Inland Real Estate Development LLC. Representatives from Inland viewed one of the complexes in St. Louis and decided to develop the four complexes in the Chicagoland area. "We were very interested," Casaccio says. "We felt it was a business that we saw a lot of opportunity."
HPD has developed about 150 to 160 senior residential projects and, in the past 20 years, has developed 15 or 16 urbanSenior Living developments, Sanders said. The urbanSenior developments are smaller residential developments built in towns' central business districts, which could be viewed as "pre-existing retirement campuses," Sanders says. "Over the past 20 years of doing [urbanSenior Living Developments], we have become enamored of--and which has become a national trend--walkable pedestrian, community environments," he says.
The urbanSenior Living developments was conceived as something different from the types of senior living that were being offered that were on the edges of towns and away from the types of services that seniors would need and want. "It was isolating them from other age groups and making them be more reliable on other people," Sanders says. There are now urbanSenior Living developments in seven states: Illinois, Iowa, Colorado, Missouri, Oregon, Washington and New York. In Illinois, there are currently urbanSenior developments in Naperville and Geneva.
Each of the apartment developments will be three stories tall with a restaurant and retail on the first floor and one- and two-bedroom apartments on the second and third floors. There will be a total of 32,000 sf of retail and restaurants in the four locations with between 9,000 sf and 10,000 sf in LaGrange, about 11,000 sf in Clarendon Hills, about 4,000 sf in Elmhurst and between 6,000 sf and 7,000 in Lombard. The restaurants will be open to the public but will also give special rates to the residents of the building and provide room service.
The retail will be geared to both the residents of the complexes and their families and will complement existing retail in the area, such as ice cream shops and toy stores, Sanders said. Residents will also receive a benefits card that will allow them to receive perks at participating businesses near all of the four developments. The benefits card will be unique in that residents from any of the locations can use the card at all four locations and will be able to take a shuttle back and forth between them, Sanders says.
Each of the complexes will have a 3,000-sf common area that will have a fireplace and could be used for spending time with family and friends, book clubs and wine tastings. Housecleaning and concierge services will be available to residents in addition to planned activities and trips that residents can participate in. Residents will have the option of paying a monthly rent or of a refundable entrance fee, Sanders says.
The joint venture has closed on three of the properties and plans to close on the property in Elmhurst within 30 days, Casaccio says. Construction is expected to begin on LaGrange Pointe in the next 45 days with construction on the other three developments expected to begin in the fall.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
