Chicago’s The Clare became a highly visible symbol of hard times facing the senior housing industry when it defaulted on municipal bonds in 2011. At the time, the 53-story continuing care retirement community occupying premium downtown real estate had outstanding debt of $216.5 million, making its default the year’s largest.
Although it lays claim to one of the most coveted real estate plots in Chicago’s Gold Coast, an exclusive Windy City ZIP code, The Clare was forced into bankruptcy.
But in recent years, under new ownership, The Clare has started to turn things around. And now, with occupancy on the rise, it is undertaking a dramatic renovation to meet evolving market demands.
“It was about a year ago we started having serious conversations about renovating the common spaces,” Executive Director Kyle Exline tells SHN. “In the last two-plus years, our velocity of move-ins, sales and occupancy have continued to rise. Visualizing what our building will look like at 90%, 95%, 100% occupied, our motivation was to act now to be prepared.”
Currently, the 326-unit community is at 71% occupancy and climbing, Exline says.* There are 245 independent living units, of which 155 are sold. The Clare also has assisted living floors with additional services including memory support, skilled nursing, respite care and rehabilitation, known as The Terraces.
The latest renovation project will be internally financed and run to the “multi-millions of dollars,” according to Exline, although he did not disclose the exact sum.
In terms of the project goals, one main objective is to further enhance dining. This is an aspect of The Clare that has proven highly popular with residents and a major selling point, Exline says.
At 53 stories tall, The Clare always has been renowned for its high-rise version of senior housing, and perhaps the most dramatic aspect of the renovation is how it will transform the top floor from its current incarnation as an all-purpose space to a high-end dining environment.
The idea is to pair the panoramic views of Chicago with equally impressive food, Exline explains. With a new kitchen on that level, the community’s executive chef, Hagop Hagopian, will concoct high-end menus. A single week’s fare might run the gamut from tapas paired with specialty drinks to rustic Italian to Japanese, Exline says.
Renovations on the building’s 9th floor will also be dining focused. What currently is a bistro of roughly 20 seats will be expanded to 60 seats (pictured), and a full-service kitchen also will be added. While the bistro will offer homestyle, American pub-style offerings in an environment with a host and servers, there also will be a grab-and-go option with pre-made soups, salads and entrees.
As the bistro is expanded on the 9th floor, other amenities currently on that level will be relocated to the ground floor, in an effort to create a one-stop experience for residents.