The 1,902-unit project has been in the works since Erickson Retirement Communities signed a contract to buy the land from the Boznos family in 2002. However, negotiations also involved the Lincolnshire village board, which annexed the property almost a year ago, three elementary and high school districts, library and fire protection district, as well as the Lake County forest preserve district.

The Boznos family had the property on the market for six years before hiring Cushman & Wakefield brokers in 2001. Senior directors Marilyn Lissner and Susan Rosen as well as associate Alex Smith represented the Boznos family in myriad negotiations, which also included Souyoul Development Group, which represented Erickson Retirement Communities.

The development's first phase, expected to be completed next spring, includes 101 multifamily units and a 52,000-sf clubhouse with two restaurants and a health club. Eventually, the gated community will include 1,538 independent living units, 128 assisted living units and 236 skilled nursing beds in 14 to 17 buildings.

Real estate taxes on the parcels has been nominal as it has been assessed as farm land, according to property records. However, the tax bills are expected to rise to $3 million a year. In addition, Erickson Retirement Communities is paying $7 million in various fees and a land donation for a park, according to village officials.

Before Erickson Retirement Communities decided to build its first Illinois project here, Lincolnshire trustees heard three different mixed-use development proposals in 1994, 1997 and 1999. The last idea, Romanek Properties' plan to build an eight-building, 800,000-sf office complex, fell victim to the downturn in the suburban office market.