Ryan Cos. Tops Out $117M Chicago Project
- Aug 12, 2021
Ryan Cos. will add 258 units of senior housing to the Chicago market that is experiencing a growing senior population. The company, alongside its joint venture partners LCS and Harrison Street, topped off Clarendale Six Corners in Chicago’s Northwest side.
The joint venture broke ground on the $117 million senior housing project in January 2021 and is expecting to complete the community in fall 2022. Ryan Cos. has taken on multiple roles for the project, including developer, architect of record, builder and capital markets partner. The company will also provide asset management services, while LCS will handle the day-to-day operations of Clarendale Six Corners. Brandon Raymond, director of real estate development for Ryan Cos., told Multi-Housing News that Harrison Street is an equity partner within the joint venture.
The 10-story senior housing community will offer independent living units that average 915 square feet, assisted living units averaging 600 square feet and memory care residences to average 350 square feet, Raymond told MHN. The developers will also carve out 11 residences to be designated as affordable and reserve them for residents making 60 percent AMI, Raymond also told MHN.
Clarendale Six Corners will be built with a bistro-style eatery, cocktail bar, billiards lounge, massage room, full-service salon, fitness center, private patios, weekly housekeeping and fine dining experiences. The community will also have various public spaces, a sky terrace on the fourth floor and 18,000 square feet of street-level retail space.
GROWING DEMAND FOR SENIOR HOUSING
Raymond told MHN that there are 500 units of projected unmet demand for senior housing in the primary market area surrounding the community, factoring in a 11 percent growth in five years of the number of seniors aged 75 years or older and a total of 17,000 senior households in the area. Raymond also told MHN that there are only a few market-rate senior living options in the Chicago area and no market-rate options in the 45th Ward where the project is located.
“There is strong demand for senior living in this particular primary market area where we are building Clarendale Six Corners,” Raymond told MHN. “Our team chooses locations where age-and-income qualified households are prevalent and there is certainly demand where we are building at Six Corners.”
Raymond also told MHN that Ryan Cos. has a few other urban senior living projects currently under construction throughout the U.S. So far, the company has built 50 senior living communities in the country, serving as developer for 26 of them. Ryan Cos. also has partnered with LCS to develop 11 communities in various locations in the U.S.