It’s not just young singles and empty nesters who are moving back to the city. The Clare at Water Tower, which the developer is billing as the nation’s first highrise “Life Care community” to be built in a major city center, recently accepted its 100th reservation for slots at the seniors development, planned for a site at Rush and Pearson.
That reservation puts the developer, Irving, Texas-based Greystone Communities, past the halfway point for the number of reservations needed before the project can break ground, according to Campbell Palfrey III, director of marketing for the Clare.
“Life Care” is a type of continuing care retirement community that combines maintenance-free independent living; estate protection; five-star hotel-style services and amenities; and access to assisted living, skilled nursing and memory enhancement – all on site.
The community will be owned by the Franciscan Sisters of Chicago Service Corporation and built on land leased from Loyola University Chicago. The 53-story tower was designed by renowned architect, Ralph Johnson, of the Chicago office of Perkins & Will.
“Loyola University is excited about the Clare reaching this significant milestone,” said Wayne Magdziarz, vice president for capital planning at Loyola. “We are preparing for construction and look forward to welcoming this vibrant and active senior population to be a part of our Water Tower Campus.”
According to Palfrey, the development team recognized the pent-up demand for Life Care in an urban setting. Most Life Care communities are located either outside the city center or in a beachfront setting.
“The Clare is a pioneering development that represents the future of retirement living. We will see a big increase in Life Care communities in downtown locations in coming years,” said Palfrey. “Seniors lead more active and independent lifestyles today and want to be connected to the activity of a major city.”
A number of future residents at The Clare are seniors in their 60s, 70s and 80s who currently live downtown or are returning downtown after moving to the suburbs to raise their families, Palfrey said. Another contingent is buyers who are migrating back to Chicago after “retiring” in Florida.
“Many seniors want to remain in Chicago, near family and friends, rather than move to traditional retirement hot spots like Arizona and Florida,” Palfrey said.
Palfrey credits the Gold Coast location for the initial success of The Clare. “The building is attractive to the large population of seniors, who currently live in the neighborhood, but now are seeking suitable long-term retirement living in this premier location,” said Palfrey.
The first level will have a lobby and Loyola classroom space, which will also be located on the second floor. Parking will be available on floors three through eight. The ninth floor will offer a spa, fitness and aquatic center and a landscaped outdoor terrace.
Health care is located on floors 10 to 15, with skilled nursing suites on floors 10 and 11; memory enhancement on floor 12; and assisted living on floors 13, 14 and 15.
Formal and private dining rooms will be located on the 17th floor, along with a social lounge. The 19th floor will feature a performance center, art gallery, chapel, library and business center. Independent-living apartment residences will be located on floors 21 through 52, and the clubroom and rooftop terrace will be located on the 53rd floor.
An information center with display models for the Clare, www.TheClareAtWaterTower.com, is located at the John Hancock Center, 875 N. Michigan Ave., on the 36th floor.