CHICAGO-A venture of the Kendal Corp., the city of Chicago anddeveloper Greystone Communities will officially break ground todayon a $202 million new retirement community here. This 31-storyAdmiral on the Lake tower, going up at the south side of FosterAvenue and Marine Drive, will be the Kennett Square, PA-basedcompany’s first foray into the Chicago market.

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Kendal will manage the project for the Admiral group, anon-profit organization dedicated to caring for the city’s elderlyresidents. Kendal is also a non-profit group, a 35-year-oldorganization that developed and manages 14 retirement communitiesin six states. The two groups signed an agreement in July 2009 tobuild this facility. “We have a new and very similar opportunity inthe City of Chicago,” said John Diffey, president and CEO ofKendal. “This promises to be an exceptional new urban retirementliving community.”

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The Admiral group first began in 1858, known as the Home forAged and Indigent Females. Over time the organization allowed bothmen and women of all faiths and nationalities, and in 1960 tookover an 11-story hotel, then called the Admiral, with the grouptaking on the facility’s name as well. In 2007, residents moved totemporary quarters in nearby host facilities, and a redevelopmentplan began.

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The new property will be a continuing care retirement communityoffering life care retirement living, with 200 apartments, 39assisted living and 17 memory support accommodations, as well as 36private skilled-nursing rooms. Many of the former residents havesigned on to live in the new building, which is now 81% committed,and the project should be complete by fall 2012.

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Bovis Lend Lease is the general contractor on the project.Ziegler Capital Markets assisted with the bond financing.

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