Brookdale Living Communities, Inc. to Acquire Eight Acres for Development of Senior and Assisted Living Facility
HUNTLEY, Ill., July 27 /PRNewswire/ -- Brookdale Living Communities, Inc. (Nasdaq: BLCI) has reached an agreement to acquire an eight-acre parcel at Huntley, The Prime Group's 2,850 acre master-planned community in Huntley, Ill., for the development of a senior and assisted living facility. Gary J. Skoien, Executive of The Prime Group, Inc., made the announcement.
Located on the north side of Freeman Road within Huntley Corporate Park, Brookdale Living Communities expects to break ground in 1999 on a five-story, 300,000 square foot senior living facility. Phase one will consist of approximately 175 units, with a final total of nearly 300 units. The facility will include both independent and assisted-living style accommodations ranging from studios to one- and two-bedroom apartments. Residents will enjoy amenities such as a beauty parlor, library, bank, gracious living area, club room, billiards room, activity center for arts and crafts, wellness center, pool, spa and meticulously landscaped courtyard. The facility will also provide meal service, housekeeping, activities, transportation, emergency call response and personal care services.
"Brookdale Living Communities is an excellent complement to the retail and adult living community currently under development in Huntley," said Prime's Skoien. "Brookdale brings quality development standards that coincide with our long-term vision and master plan of Huntley."
As the owner, operator and developer of upscale senior and assisted living facilities nationwide, the Huntley development will be the seventh community in the Chicagoland area for Brookdale. Brookdale operates sixteen existing facilities in ten states. In the Chicagoland area, Brookdale currently operates The Devonshire in Lisle, Hawthorn Lakes in Vernon Hills, The Heritage in Des Plaines, Harbor Village and The Hallmark in Chicago's Lincoln Park neighborhood, and is constructing The Meadows in Glen Ellyn. The average occupancy is 98% with most properties commanding a waiting list.
"The Huntley acquisition fits nicely in our plan to develop new properties in the best locations, and expands our presence in Chicago, one of our best markets," said Mark J. Schulte, President and CEO of Brookdale Living Communities, Inc. "Huntley is an ideal location for our development because of the enormous amount of growth in that area and the close proximity to Del Webb's Sun City." Schulte continued, "We have high expectations for the synergies between our development and Sun City."
"This is one of many exciting new additions to Huntley," said Phillip E. Waters, The Prime Group's Vice President of Land Development for Huntley. "Prime is also finalizing plans for a 20-acre medical campus and is negotiating a 25-acre hotel/conference center. Our careful planning is the core to our success in Huntley. As we begin the final phases of this master- planned community, we will continue to strive for excellence and will implement the highest level of development standards."
Totaling 2,850 acres, Huntley is the largest master-planned development in the Midwest. Situated at the intersection of the Northwest Tollway (I-90) and Route 47, Huntley will eventually incorporate a 1,562 acre Sun City active- adult community, a 185-acre golf club with an 18-hole championship course, 345 acres of commercial/retail use, a 400-acre corporate office park, an 83-acre business park and 22 acres for municipal functions. |
