CJE SeniorLife and Banner Development gain municipal approval for an independent living facility
- Wide-ranging analysis of marketability and demand for an independent living facility for Jewish seniors in north suburban Chicago
- Considering demands and needs of this specific target group within the senior population
Requirement
We were retained by CJE SeniorLife and Banner Development to analyze the marketability and demand for an independent living facility targeting Jewish seniors in north suburban Chicago.
The project was the last of 3 buildings on a senior campus in Deerfield, IL, with the other facilities providing assisted living and memory care.
Approach
We analyzed numerous aspects of the competitive environment, including the demographics of the target Jewish senior population, the depth of demand, marketable rents, unit mix, unit sizes, amenities, and services that would result in the most marketable project.
Given the religious affiliation, it was important to look at the facilities in the market area that were attracting a sizable number of Jewish residents – while quantifying market penetration and demand for a development targeting only this segment of the senior population.
Results
The development received municipal approval, financing and is under construction.
“Kretchmer and Associates provided timely and well-informed marketing data to support our North Shore Senior development in Deerfield, IL. It’s important to note the flexibility that we relied upon from Kretchmer as related to requests from various equity/lenders as we sought funding. We are looking forward our next project with them.” ~ John Burke, Vice President Banner Development
