The building was designed by D.H. Burnham & Co. in 1927 and is a national historic landmark. The YMCA vacated the building 20 years ago and, after which, "it was used for a while as a transient hotel," says Robert Gawronski, Senior Lifestyle's VP of development and acquisition.

The new development has 74 one-bedroom units and 16 studios, with a total of 84 of the units being deemed affordable housing for seniors earning at or below 60% of the area median income. The units range in size from 475 sf to about 1,000 sf, with an average size of more than 600 sf, Gawronski says. Rental rates range from $396 to $810, which include utilities, housekeeping, free laundry facilities, parking and scheduled transportation, such as weekly trips to the grocery store, he says. The development also has more than 5,500 sf of common area, including a lounge, library and a fitness area. The development is more than 50% leased, he says.

The project cost more than if the developer had torn down and started fresh, but the project is eligible for historic preservation and low-income housing tax credits, Gawronski says. The developer acquired the property for slightly more than $1 million, as previously reported by GlobeSt.com. This project is the first Senior Suites location that the company has completed outside of the city of Chicago, and is the first redevelopment of an existing building, Gawronski says.