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ICE and ABC To Develop $50M Senior Housing

NORTHBROOK, IL-The senior housing project is expected to have a total of 180 rental units with approximately 136 of those being independent living units.

By Gina Kenny | Updated on February 06, 2008

NORTHBROOK, IL-A joint venture of ICE Realty Group, based in Des Plaines, and Chicago-based ABC Real Estate Investment have acquired a 233,000-sf office and warehouse building at 1000 Sunset Ridge Rd. with plans to redevelop the property into a senior housing development. The venture 1000 sunset LLC acquired the property from a partnership of Gold Realty. The JV has entered into an agreement with Chicago-based Senior Lifestyle Corp. (SLC) to construct and operate the senior housing, says Jonathan Malm, president of ICE Realty Group. The total estimated cost of the 180-unit project is $50 million, sources say.

The building was constructed in the 1960s and was occupied by Bankers Life & Casualty Co. until 1993, he says. It was then renovated into a multi-tenant office and warehouse building. The Village of Northbrook has rezoned the property, so that the space cannot be occupied for industrial uses, leaving little possibility to lease-up the property, Malm says. “We identified the property as a functionally obsolete facility and there was a potential for a higher use for it,” he says. The venture plans to demolish the existing structure and prepare the site for the senior housing development. The prepared site will then be sold to SLC, which will develop the facility, Malm says.

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