US: Integrated Development II plans to add senior living accommodation at two former shopping malls in the Chicago area.
The Northfield, Illinois-based firm is a co-investor with Phineas Capital, formerly known as USAA Real Estate and Centennial Real Estate, on two senior living communities included in the redevelopment of malls in Aurora and Vernon Hills, Illinois.
The luxury projects — the 166-unit Sophia at Hawthorn Mall and the 216-unit Sophia at Fox Valley Mall — are due to carry a full care continuum, with IL, AL and memory care units across both developments. The projects share similar design elements with an emphasis on intergenerational connections and mixed-use spaces.
The projects are also part of larger redevelopments, and are designed to integrate with retail, dining and outdoor spaces. The project planners are also currently planning to add multifamily units in phases at the former malls.
The partners expect to start on Sophia at Fox Valley Mall in 2024, while they are still in the process of securing building permits for Sophia at Hawthorn Mall. The latter project is also dependent on debt markets stabilising.
“Phineas brought us in at the planning level as they were looking at the multifamily uses and that way we were able to come up with a plan that worked for everybody,” said Integrated Development II CEO Matt Phillips. “That was really important to us compared to other mall opportunities and other renovations.”
Members of the Integrated Development II team have developed properties including Club at Briarcliff Manor, a Senior Lifestyle community in New York; and Vi’s community in Palo Alto, California.
