Matthew Lawton, with Holliday Fenoglio Fowler, represented Northwestern in the sales transaction. The 17-story building was designed by Jarvis Hunt and constructed in 1927 as an athletic club. Northwestern used the building as graduate student housing for 30 years until 2005, when it was closed "because of declining occupancy by students," a university spokesman says. "It was basically under-used and not meeting the needs that we had been using it for," he says.

The new project will have 128 independent living units and 11 assisted living units, Phillip says. "We think that the reason that we are able to [have the building] work for luxury senior housing is because it has a great deal of common areas," he says. The average size of the independent living units will be 1,650 sf, with the average size of the assisted living units being 750 sf, which is "large from an industry standpoint," Phillips tells GlobeSt.com.

Residents will pay an entrance fee, that will initially be 90% refundable when they leave, and will pay a monthly fee, he says. "On average, our residents will live with us 12 to 15 years," Phillips says. The monthly fee will include 30 meals a month, concierge, trainers and housekeeping. Additional services will be available for purchase on an a la carte basis, he says.