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...
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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…
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