DOWNERS GROVE, Ill. — Lifespace Communities is set to begin a $150 million redevelopment at Oak Trace, a continuing care retirement community in Downers Grove, approximately 20 miles west of Chicago.
The property currently offers 247 units spanning the continuum of care. The first phase of the redevelopment will include a health center offering 66 assisted living units, 28 memory care units and 102 skilled nursing suites.
Construction of Phase I is scheduled to begin in September for a 2019 completion. Shortly thereafter, Lifespace plans to begin on Phase II, which will add more than 150 new apartments, multiple restaurants, a fitness center and a spa. Phase II will also include expansion of the library and auditorium. Development costs for Phase II are estimated at $81 million.
A groundbreaking ceremony for Phase I is scheduled for Sep. 6.
Based in Des Moines, Iowa, Lifespace Communities is a nonprofit owner and operator of 12 CCRCs in seven states serving more than 4,300 residents.