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A nonprofit, faith-based senior-living development on more than 12 acres along Butterfield Road is accepting deposits for area retirees interested in moving there after it opens in 2012.
With groundbreaking expected for later this spring, Park Place of Elmhurst is the latest retirement community to set up shop in Elmhurst. The development will be able to house 286 people, and is sponsored by Tinley Park-based Providence Life Services, which has eight other senior living communities in Illinois.
Providence CEO Rich Schutt said the Butterfield Road location was chosen for its proximity to the new Elmhurst Memorial Healthcare campus and Timothy Christian Schools, among other factors.
“We’re thrilled we were able to acquire this site. There are no large (plots) of land available in a mature, upscale city like Elmhurst,” Schutt said. “With train access to downtown, the museums, (and) the culture of Elmhurst, we cannot be more pleased with this site.”
Schutt said Park Place’s parcel of land is large enough to accommodate construction of a possible second facility, in addition to the original community slated to open in 2012.
Because of the development’s nonprofit status, it will be financed completely through tax-exempt municipal bonds, according to Stephen Johnson, managing director of Chicago-based Ziegler Capital Markets.
Providence is affiliated with the Christian Reformed Church, but Johnson said Park Place will be an ecumenical community open to all. Schutt said the majority of residents in other Providence locations are “from the broader community at large.”
Schutt and Johnson also pointed to the employment opportunities that will be created by Park Place, which is expected to have more than 200 total employees and 138 full-time-equivalent jobs upon completion. More than 900 workers will be involved in construction of the 22-month project, managed by Bovis Lend Lease.
Despite the economic climate and the size of the development, both Johnson and Schutt said there was no reticence in moving forward with the project.
“Even with the downturn we saw in 2008 and early 2009, we did not see a fallout in our depositor list,” Schutt said. “(The depositor list) continues to show an interest at almost a straight line of continual growth.”
Learn more
For information about Park Place of Elmhurst, visit www.parkplaceelmhurst.com.
A nonprofit, faith-based senior-living development on more than 12 acres along Butterfield Road is accepting deposits for area retirees interested in moving there after it opens in 2012.
With groundbreaking expected for later this spring, Park Place of Elmhurst is the latest retirement community to set up shop in Elmhurst. The development will be able to house 286 people, and is sponsored by Tinley Park-based Providence Life Services, which has eight other senior living communities in Illinois.
Providence CEO Rich Schutt said the Butterfield Road location was chosen for its proximity to the new Elmhurst Memorial Healthcare campus and Timothy Christian Schools, among other factors.
“We’re thrilled we were able to acquire this site. There are no large (plots) of land available in a mature, upscale city like Elmhurst,” Schutt said. “With train access to downtown, the museums, (and) the culture of Elmhurst, we cannot be more pleased with this site.”
Schutt said Park Place’s parcel of land is large enough to accommodate construction of a possible second facility, in addition to the original community slated to open in 2012.
Because of the development’s nonprofit status, it will be financed completely through tax-exempt municipal bonds, according to Stephen Johnson, managing director of Chicago-based Ziegler Capital Markets.
Providence is affiliated with the Christian Reformed Church, but Johnson said Park Place will be an ecumenical community open to all. Schutt said the majority of residents in other Providence locations are “from the broader community at large.”
Schutt and Johnson also pointed to the employment opportunities that will be created by Park Place, which is expected to have more than 200 total employees and 138 full-time-equivalent jobs upon completion. More than 900 workers will be involved in construction of the 22-month project, managed by Bovis Lend Lease.
Despite the economic climate and the size of the development, both Johnson and Schutt said there was no reticence in moving forward with the project.
“Even with the downturn we saw in 2008 and early 2009, we did not see a fallout in our depositor list,” Schutt said. “(The depositor list) continues to show an interest at almost a straight line of continual growth.”
Learn more
For information about Park Place of Elmhurst, visit www.parkplaceelmhurst.com.
