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Construction underway at The New Admiral at the Lake

Official Press Release:
Construction of The NEW Admiral at the Lake begins in Chicago

81 percent of residences reserved in 31-story lakefront life-care community

NOVEMBER 8, 2010 — Construction began Nov. 5, on The NEW Admiral at the Lake, a 31-story life care/continuing care retirement community being built at Marine Drive and Foster Avenue on Chicago’s lakefront. With 81 percent of its residences already reserved, The NEW Admiral has found strong support among older adults in the region.

The NEW Admiral also has garnered strong support from investors, having secured the $202 million in financing needed to make the not-for-profit community a reality.
Situated just 400 steps from a sand beach in Lincoln Park, many residences in The NEW Admiral will offer breathtaking unobstructed views of Lake Michigan and downtown Chicago, which is a 10-minute ride away. In addition to 200 residential apartments–ranging in size from one-bedroom to three-bedroom homes–the community plans to provide 39 assisted living and 17 memory-support accommodations, as well as 36 private skilled nursing rooms.

In mid-2009, Kendal and The Admiral announced a collaboration, bringing together The Admiral’s 151-year tradition in Chicago with Kendal’s nationally recognized expertise and leadership in the development and operation of not-for-profit continuing care retirement communities. Since then the original intent to collaborate has been consummated with a formal working agreement that will eventually lead to an affiliation between the two.

“With Kendal’s involvement in The Admiral’s redevelopment project, significant results have been achieved within a relatively brief period of time,” says Glenn Brichacek, Chief Executive Officer of The NEW Admiral at the Lake. “The New Admiral has seen a surge in interest from potential residents, which has yielded more excitement and new resident reservations in a shorter period of time than had been anticipated.”

Drawing its name from the historic hotel that once occupied the site, The NEW Admiral at the Lake will continue to serve one of the most interesting and diverse neighborhoods in the United States.

As Chicago’s first and longest-operating, not-for-profit senior living community, The Admiral has a long history of serving older adults of all faiths and nationalities. The Admiral approached Kendal, asking for assistance in repositioning its historic mission on the same site it has occupied since the 1960s, which sits on the border of Chicago’s Edgewater and Uptown neighborhoods on the shore of Lake Michigan.

“This collaboration works because Kendal’s values resonate deeply with those held by The Admiral and its board, staff, and residents,” says John Diffey, President and CEO of The Kendal Corporation, based in Kennett Square, Pa. “The mission, history, and multi-dimensional attractiveness of this opportunity are compelling, and Kendal moved swiftly to help The NEW Admiral complete its plans to create what promises to be an exceptional new urban retirement living community and Kendal’s newest affiliate.”

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