Rendering of Belmont Village Lincoln Park
Chicago, Illinois, Sept. 25, 2017 (GLOBE NEWSWIRE) -- Belmont Village Senior Living has announced the start of construction on its Lincoln Park community, projected to open summer 2019. Though no stranger to Chicagoland, this will be the company’s first project in the metro area. Belmont Village began developing in suburban Chicago more than 16 years ago and now owns and operates properties in Buffalo Grove, Carol Stream, Glenview and Oak Park.
“We’re looking forward to expanding our Chicago footprint to Lincoln Park,” said Patricia Will, Belmont Village founder and CEO. “Urban Chicago development has been a goal of ours for many years – the challenge has always been finding the right site. We’ve been at the table with this project from the beginning and have been made to feel very welcome by the city.”
"We're excited to welcome Belmont Village to our community, and pleased they chose this location as their entry to the Chicago market," said Alderman Michele Smith (43rd Ward). "Upon completion, the construction of these high-quality, market-rate assisted living and memory care units will allow seniors to continue to enjoy the comforts of the Lincoln Park community."
Belmont Village Lincoln Park is being developed on a parcel of land that was originally part of the Children’s Memorial Hospital campus. The company and partner Harrison Street Real Estate Capital purchased the Nellie Black building, originally built in 1932 as housing for nurses and interns, from an entity owned by Hines/McCaffery, who was selected to redevelop the campus area by the hospital in 2011. Demolition of the original building was completed earlier this year, but Belmont Village plans to replicate its style as closely as possible with modern construction, incorporating design elements and some salvaged pieces from the original building.
“Our neighbors asked that we repurpose the existing building,” said Will. “But it just wasn’t functional for senior living and the standards of health, care and safety that we have to meet. However, we respect and share their loyalty to the architecture and history, and we wanted to restore as much of the look and feel to the community as possible. It’s going to be a warm, beautiful space.”
Once complete, the seven story building located at 700 W. Fullerton Ave. will be approximately 120,500 square feet, offering 149 units of assisted living and memory care with expansive common areas indoors and out. The site will be connected to The Lincoln Common via an underground, shared loading dock to eliminate surface deliveries and reduce area traffic. Belmont Village Lincoln Park will be fully licensed with staff on-site 24/7 and will offer Belmont’s signature amenities and services, leading edge programs, and high operating standards for care, safety and support.
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 with an office in London, the firm employs a 105+ person team and has approximately $12.2 billion in assets under management. For more information, please visit www.harrisonst.com.