Building Boom Gives Consumers More Senior Living Choices

Belmont Village Lincoln Park Featured in Crain’s Chicago

Local families have a growing number of senior living options to choose from when an elder needs extra help and can no longer live alone.

A senior living building boom is underway in the Chicago area. In fact, about 4,000 new units of seniors housing are under construction here, the most of any big city in the country, according to the National Investment Center for Seniors Housing & Care.

The large number of new units has increased competition among providers, putting some downward pressure on rental rates, sources say. That means consumers may be able to snag some good deals.

Many new buildings offer both assisted living and memory care.

Most of the new construction is in the suburbs. But several projects are underway in the city where seniors housing is harder to find.

A new assisted living building is under construction in Lincoln Park. The 149-unit Belmont Village Lincoln Park is being built on the old Children’s Memorial Hospital campus, a six-acre site that is being redeveloped. The 149-unit building is a project of Belmont Village Senior Living, a Houston-based company that has other assisted living projects in the Chicago area.
Belmont partnered with Chicago-based Harrison Street Partners and purchased the Nellie Black building on the hospital campus. The Nellie Black building was built in 1932 and originally served as housing for nurses and interns.

There was interest in saving the old building, but the plan was found to be impractical. The old building was demolished and is being replaced by a structure that replicates the architectural design of the original building.

Expected to open in July 2019, Belmont Village Lincoln Park represents several trends seen in other new senior living communities. The building is LEED certified, a designation for environmentally friendly structures. “Concern for the planet is something new in seniors housing,” says Patricia Will, Belmont Village founder and CEO.

Read the complete article on Crain’s here.