Chicago-based firms Anthology Senior Living and K Giles have joined forces in a bid to redevelop a landmark property in the Windy City, in a project that would include 220 highrise senior living units.
Representatives of Anthology and K Giles presented their plans at a community meeting on Monday, local news source Block Club Chicago first reported. Ben Burke, president of Anthology Senior Living, confirmed the plans to Senior Housing News. Anthology is the recently launched senior living affiliate of diversified real estate investment and development firm CA Ventures.
Giles brought the site to Anthology, Burke said. CA Ventures and Giles are longtime partners, having collaborated on projects such as the conversion of the historic Old Colony building in downtown Chicago into student housing.
The proposed senior living community would take the form of a newly constructed 23-story tower on the Lake Michigan shoreline, about 6 miles north of downtown Chicago. The highrise would be adjacent to an existing building that was designed by Frank Lloyd Wright acolyte Barry Byrne and opened in 1921; it is currently home to the American Islamic College and previously was Immaculata High School.
Anthology and Giles are under contract to purchase the site from the American Islamic College, and they are seeking a zoning change necessary to move ahead with their project. In addition to the new senior living highrise, plans call for converting the existing buildings into 275 apartment units, mostly studios and one-bedrooms.
A 140-unit parking garage is also proposed, as are updates to the Byrne building, including masonry and roof work.
Next steps for the project will involve public input through a series of community meetings to be scheduled by Alderman James Cappleman’s office.
Should it come to fruition, this would join existing Chicago senior living highrises such as The Clare, The Admiral at the Lake and The Breakers. A number of other highrise projects are taking shape around the country. Notable projects include: communities in New York City that will be operated by Watermark Retirement, Sunrise Senior Living and Maplewood Senior Living; a Mather life plan community outside Washington, D.C.; and the recently opened Murano and forthcoming Transforming Age building in Seattle.
Senior living communities located in central locations with easy access to retail, cultural activities and transportation hubs are expected to be in demand as the baby boomer generation ages.
The site for the new Anthology building is within walking distance of numerous restaurants, retail locations and the lakefront park, including a golf course, tennis courts and a bike path.
“We liked the idea of being in such an established neighborhood like Lakeview and on such a unique site that has unobstructed views of both the lake and golf course plus easy access from Lake Shore Drive for our residents, residents’ families, and team members,” Burke told SHN.
Since being founded as a student housing developer in 2004, CA Ventures has expanded into a variety of real estate types, launching its senior housing development division in 2015 and adding its operational arm in 2018. Today, Anthology’s portfolio numbers 18 properties either operational or soon to open, and the company plans to develop six to eight communities a year in markets with high barriers to entry.