Ryan Companies Breaks Ground on New Senior Living Community in Addison, Illinois
LCS®, Harrison Street Real Estate Capital and Ryan Companies US, Inc. announce the start of construction of the partnerships third new senior living community in 2017, Clarendale of Addison. The $45M project will provide the same Class A continuum of care as other Clarendale communities, which include; independent living residences, assisted living and memory care needs for seniors.
“We are excited to start construction for the first senior living community in Addison alongside our partners, LCS and Harrison Street.” said Dave Erickson, Vice President of Development, Ryan Companies US, Inc. “The Clarendale residents, staff and visitors will be able to appreciate the connectivity to the adjacent park, walking trails, restaurants, and other nearby retail amenities.”
Clarendale of Addison will consist of 188 units; 95 independent living units, 55 assisted living units, 38 memory care units building amenities include restaurant-style dining, a bistro, pub and billiards room, wellness center, including fitness and therapy, salon, movie room, living rooms and a large community room. The property connects to Centennial Park, which offer residents walking paths and scenic views. The development is located at 1651 West Lake Street along the south side of Lake Street between the Hampton Inn & Suites and Marcus Movie Theater. The Clarendale of Addison development will create over 400 construction jobs and approximately 80 permanent jobs when it’s fully operational.
Ryan Companies and its project partners LCS® and Harrison Street Real Estate Capital will develop, own and manage Clarendale of Addison, Ryan also serves as design-builder. PFB Architects is providing the architecture design; Manhard Consulting is providing the civil engineering, and Direct Supply Aptura the interior design. It is anticipated that Clarendale of Addison will be opening in the summer of 2019.
About LCS®
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Life Plan Communities, formerly referred to as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides a full-service real estate private equity enterprise, insurance, national purchasing consulting services and in-home care. The companies of LCS serve thousands of seniors across the nation. For more information, visit LCSnet.com.
About Life Care Services®
Life Care Services, An LCS Company, established in 1971 and based in Des Moines, Iowa, is the third largest manager of full-service senior living communities. Life Care Services currently provides operations, and marketing and sales management services for not-for-profit and for-profit Life Plan Communities, formerly known as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. For more information, visit lifecareservicesLCS.com.
About Harrison Street
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 115 person team and has approximately $12.5 billion in assets under management. For more information, please visit www.harrisonst.com.