Saturday, February 7, 2009

Senior Housing Costs

During the WCLS application process for the project that will likely result in the demolition of Grace Hall, someone mentioned to me the dollar amount of the buy-in for one of the duplexes that Woodstock Christian Life Services wants to construct on the ground that Grace Hall occupies.

When I heard $200,000 for the buy-in (not a "purchase"), I thought, "Whew!" And, after that, there is a monthly maintenance payment. When the resident moves out (or dies), some portion is refunded. I don't know the numbers.

With the new project at Calhoun and Tryon (sometimes, a/k/a "Tyron"), the "numbers" were not discussed at the Plan Commission or the City Council. I was surprised that no one asked.

But, whatever they are, they won't hold a candle to the senior housing at the former Lake Shore Athletic Club's 84-year-old, 19-story building at 850 North Lake Shore Drive in Chicago. From an article in the December 2008 Chicago magazine come these figures:

2-bedroom, 2-bath units
1,600 square feet
$1,150,000 buy-in ($700/sq. ft.)
$4,500/month maintenance
90% back when the resident leaves

WOW!

Maybe I shouldn't publish this. I wouldn't want to give the developers around here any ideas...

1 comment:

Kyle S. said...

With the economy the way it is now; is there really going to be that much demand for such housing? Especially at those prices; maybe the City Council needs to consider this before demolishing a "landmark". Hmm…