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Older buildings to get a face lift
$10 million re-do for Park Ridge complex

By Jane Adler | Special to the Tribune
April 15, 2007

The $10 million renovation of a seniors building in downtown Park Ridge typifies a trend: the makeover of older properties to draw new residents who want big places and lots of amenities.

The apartment building, at 10 N. Summit Ave., will get a new facade of brick and stone, along with wrought iron railings and new windows. The interior renovation includes the individual units, which will be enlarged. The building is being renamed the Summit of Uptown, which sounds more modern than Summit Square Retirement and Assisted Living Residence.

"The building is 40 years old and needed a major refreshing," said Marc Dennison, executive director at the Summit. It still will have a mix of assisted- and independent-living units. The building, which is being redesigned by Facilities Solutions Group of Elk Grove Village, also will continue to have a straight rental arrangement, without an entry fee.

The Park Ridge building is one of a number of older retirement communities across the country that are being redone. Older buildings find it difficult to compete with new properties that have large units and amenities such as fitness and wellness centers.

Examples of local projects include Three Crowns Park and the Mather, in Evanston, and the Admiral on Chicago's North Side. The redevelopments, which the senior housing industry refers to as repositioning, can cost from several million to several hundred million dollars. Many of the properties are continuing care communities that offer a number of housing options for seniors on one campus.

"Chicago is a hot market for the redevelopment of retirement projects," said Dan Hermann, managing director at the Chicago office of Ziegler Capital Markets, an investment banking firm that arranges project financing.

The Summit renovation comes amid an overhaul of downtown Park Ridge, which locals commonly refer to as Uptown. City officials say the $120 million Uptown redevelopment includes new condominiums, row houses, town homes, retail space and two outdoor plazas.

"The work being done in Uptown warrants us bringing the building up to date so it fits into the area," said Dennison.

The reconfigured building will have 166 units, down from 202, but its footprint will not change.

Two-bedroom apartments, not available in the old design, are being added. These are often sought by couples. The new studios and one-bedroom units will jump in size, some apartments growing as much as 175 square feet.

The new apartments will have walk-in showers and full kitchens. The renovated common areas, which Dennison said are plentiful because the property originally was a hotel, will feature a first-floor great room with hearth, media area, game room and library.

The Dennison family owns and runs the Summit, its only property. Pricing has yet to be determined. Current rents start at $1,950 for a studio in the independent-living section. Assisted-living rents start at $3,250.

Rents include three meals a day and maid service. Assisted living rents are all inclusive, unlike many buildings that base them on the resident's needs.

The two-year renovation at the Summit is expected to start in the next few months, pending city approvals.

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Jane Adler is a Chicago-area freelance writer. Write to her at Senior Housing, c/o Chicago Tribune Real Estate, 435 N. Michigan Ave., Chicago, IL 60611. Or, e-mail realestate@tribune.com. Sorry, she cannot make personal replies.

Related topic galleries: House Building, Retirement, Chicago, Renovation, Housing Industry, Evanston, Elk Grove Village (Cook, Illinois)

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Copyright © 2009, Chicago Tribune

Chicago Homes: Median Prices

Community   Feb-Apr '09 sales Median price 5-year % change
Near North 394 $426,250 21.79%
Lakeview 235 $337,500 1.05%
Loop 197 $334,000 21.45%
West Town 183 $365,000 7.35%
Elgin (Kane)* 178 $207,000 21.76%
Source: Tribune survey *Jan-Mar 2009 sales
Median Price Heat Map