CHICAGO—Yesterday, officials from developer Ryan Companies US, Inc. hosted a groundbreaking ceremony for Clarendale of Algonquin, a $40 million senior living community in the far northwest suburban town that will offer independent living, assisted living and memory care. It's the kind of celebration that will become more common in the region as developers satisfy the growing demand for senior housing created by the aging of the baby boom generation.
“We're creating a new brand called Clarendale,” Dave Erickson, the company's director of development, tells GlobeSt.com, which they plan to spread out across the Midwest. The Algonquin site is their second. “The first one was in Mokena and it will open in September. Both of these communities have supply, but the demand is so much greater.”
The groundbreaking event was attended by Village of Algonquin officials, representatives of Ryan Companies and community manager Life Care Services, An LCS® Co., and other members of the development team that includes Chicago-based Harrison Street Real Estate Capital.
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.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
