Ryan Companies, LCS and Harrison Street announced today the closing of financing and start of construction for Clarendale Six Corners, a senior living community to be located at the corner of Irving Park Road and Milwaukee Avenue that will cover 1.25 acres of the 4-acre land parcel known as The Point at Six Corners. The approval and support from Alderman James Gardiner and the City of Chicago to move forward is a welcome change to the burgeoning neighborhood.
“As we continue to witness the resurgence of our Six Corners Business District, our community welcomes the addition of the Clarendale and Aldi. With collaboration and teamwork, our community will continue to reap the rewards of community-based developments that enhance our neighborhood,” said Alderman Gardiner.
Construction and new infrastructure will begin on the 10-story, $117 million mixed-use, retail and senior living property that will include 258 residential units made up of independent living, assisted living and memory care units, and 11 affordable independent living units. Located on a prominent, triangular corner, there will be a variety of dynamic public spaces around the site and an outdoor sky terrace on the fourth floor, as well as 18,000 square feet of street-level retail space.
“This was a long time coming, and we’re ready to be an important anchor in the redevelopment of this prominent intersection,” said Dan Walsh, senior vice president of development, Ryan Companies. “This property will give our residents and employees access to a wide range of amenities right outside their doorstep, all while helping the Six Corners shopping district continue its resurgence as a critical destination for the northwest neighborhoods and powerful engine for the local economy.”
Designed by Ryan A+E, Inc., Clarendale Six Corners will be highlighted by amenities and services including culinary excellence and nutrition-focused dining options with restaurants, bistro and bar options; private dining for events; a theatre; continuing education programs; fitness equipment and group fitness classes; salon and spa; arts programs; landscaped patios; transportation to local shopping, events and appointments; medical care; covered valet parking and more.
The surrounding community will have access to three distinct public areas, including a plaza with benches and bike racks, a pedestrian plaza with shade trees, additional bike racks, outdoor seating and a custom art display, and a mid-block pedestrian connection to increase convenience for pedestrians to walk around the Six Corners district. There will also be 215 off-street parking spaces. The south half of the site will be an Aldi grocery store and additional retail space.
“LCS is excited to further our relationship with Ryan Companies and Harrison Street at Clarendale Six Corners. We look forward to providing future residents with extraordinary experiences at this best-in-class senior living community for many years to come,” said Chris Bird, executive vice president, chief operating officer, LCS
With construction starting, the project will create approximately 650 union construction jobs and 200 permanent jobs over a 20-year period and will produce an expected $40 million in property taxes. The total economic impact from the project is anticipated to exceed $730 million.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,500 employees in 15 offices and has completed projects in 39 states. For more information, visit ryancompanies.com.
As a pioneer in the senior living industry since 1971, making a difference in the lives of seniors has been our sole focus since day one. The dedicated LCS Family of Companies is designed to help fulfill your community’s mission. This structure allows us to develop and share expertise across our company to deliver innovative solutions to partners, seniors and their communities. LCS has the experience, leadership, and integrity to meet unique needs of your community. When you partner with LCS, you receive more than just a single perspective; you get the experience of six senior-focused companies working together as one. In the field of senior living, Experience is Everything. For more information, visit LCSnet.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 160-employees and approximately $27.3 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last six consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.