Aman Living is building the first-of-its-kind retirement home that will cater to Indian-Americans.
The Frankfort-based firm is is planning to build the Verandah Retirement Community on an 11-acre parcel at 900 Irving Park Road in suburban Hanover Park that previously housed a Menard’s store but has sat vacant for years. The center will include 75 condominiums, a clubhouse and an assisted-living facility, Crain’s reports.
Much of the amenities and the programming will cater to Indian-Americans. The dining service will prepare Indian and vegetarian meals, and Indian holidays will be celebrated along with other Western holidays. Much of the staff will be bilingual.
Sales efforts will target Indian-American seniors but the facility will not be exclusive. Of the 11 condos sold so far, all buyers have been Indian-American.
The project is slated to cost $43 million, with funding coming from a group of doctors, a loan and $6.3 million from a TIF district, according to Crain’s. Construction could be completed by 2020.
The Hanover Park project is the latest development for senior citizens in the area.
Artis Senior Living has secured a $40.6 million construction loan to build a 136-unit assisted-living facility in Lakeview[] that will be completed in December. The old Ravenswood Hospital is slated to be redeveloped to house a 193 units of senior housing, funded in part by $24 million from the Chicago Housing Authority.
New York-based Related Companies is sinking $3 billion into luxury senior living facilities, which it plans to build across the country. [Crain’s] — Joe Ward