Spectrum Retirement Completes Suburban Chicago Senior Housing
The developer broke ground on the 166-unit project in 2020.
Spectrum Retirement Communities has completed The Oaks at Algonquin, a 166-unit senior housing property in Algonquin, Ill. The developer broke ground on the project in 2020; the development team included McShane Construction Co. and Vessel Architecture.
The three-story building offers independent living, assisted living and memory care units. Each independent unit features a full kitchen, while the assisted living units offer a kitchenette with a refrigerator and microwave. Common-area amenities include three restaurants, a pub, a salon, a media lounge, a theater, and outdoor spaces with a grill area, dining patio and memory-care garden.
Located at 2595 Harnish Drive, the 30-acre property is less than 4 miles from the city center and some 47 miles from downtown Chicago. The surrounding area has several medical offices and Ted Spella Community Park is within walking distance. Numerous dining and shopping venues are also nearby.
In September, another Chicago-area senior housing project broke ground in West Dundee. Nelson Construction & Development selected McShane Construction to build the 131-unit senior living community that was slated for an April 2023 delivery.
Despite the senior housing market being affected by the pandemic, there is a need for such facilities due to demographics, as the number of 80-year-olds will rise exponentially in the next 10 years.