Amenities at the property include an indoor pool, library, salon, spa and full dining and kitchen facilities. The site also includes two large interior courtyard areas and underground deck parking.

The Paric Corp., based in St. Louis, was the construction manager for the project. Todd Goodrich, a VP with the company, says this property benefits from having various levels of care, from independent living, to assisted living, to skilled nursing care. "This is what's known as a continuing care retirement community, or CCRC. Traditionally, you've had properties that were standalone, providing only one type of care. For the past four-to-five years, this type of property has become more prevalent."

The CCRC facilities allow families to stay in the same location if life needs change, he says. "If a couple moves into the independent living, then one falls ill, they can go easily into skilled nursing care without having to leave home," Goodrich says.

It's a fact that these facilities are generating interest from many developers, even in this down economy, he says. "It's popular just due to the demographics. I think the first baby boomers just turned 63 a few months ago. The aging population is going to force the development of more facilities like these," Goodrich says.