CHICAGO'S GOLD COAST DISTRICT WILL SOON be flashing a little more silver with the construction of The Clare at Water Tower, the first continuing care retirement community to break ground in a downtown urban setting.
Slated to open in fall 2007 on land leased from Loyola University, the luxury high-rise will stand a block off Michigan Avenue, offering 264 apartments starting at $475,000. Nearly 130 units have already been reserved, lending weight to predictions that retiring boomers may not migrate.
Irving, Texas–based developer Greystone Communities is banking on The Clare's campus connection as a draw. Three floors will house Loyola classrooms, giving residents free access to courses and cultural events.
The site's prime digs amidst tony boutiques and restaurants are another strong sell. “Alot of people who moved to the suburbs to raise kids now want to move back downtown as empty-nesters,” says Greystone executive vice president John Spooner. “It's an attractive option for innovators, initiators, and early adopters.”
Windy City loyalists are applauding the choice of native architect Ralph Johnson (Perkins + Will) to design the 53-story addition to the city skyline. Johnson's other local landmarks include the Sky-bridge residential tower, O'Hare International Airport, the Chicago Nature Museum, and Boeing's world headquarters.
Learn more about markets featured in this article: Chicago, IL.