Thursday, November 19, 2009

CEO: "New Admiral At The Lake" Moving Forward

We heard from Glenn Brichacek, President/CEO of the Admiral at the Lake Development at Foster and Marine Drive.

Last summer, The New Admiral at the Lake and The Kendal Corporation announced a collaboration between the two organizations, bringing together The New Admiral’s 150 year tradition in Chicago with Kendal’s nationally recognized expertise and leadership in the development and operation of retirement communities. Now, almost six months later, the original intent to collaborate has been consummated with a formal working agreement that will eventually lead to an affiliation between the two organizations.

With Kendal’s recent involvement in The New Admiral’s redevelopment project, significant results have been achieved within a relatively brief period of time. Since late July, when sales and marketing efforts were rejuvenated, The New Admiral has seen a surge in interest from potential residents, which has yielded more excitement and new resident reservations in a shorter period of time than had been anticipated.

This strong market response—with almost 75% reservation deposits, combined with a thawing of the financial markets in the senior housing sector, has put The New Admiral firmly on a path toward financing and the beginning of construction in the early spring of 2010. Needless to say, the Boards and staffs of both The New Admiral and Kendal are quite enthusiastic about their new partnership.

Having already received all of the permits and licenses necessary to construct and operate the community, The New Admiral’s team of advisors and contractors have now begun taking the final steps necessary to secure construction and long-term financing.

The New Admiral is very much alive and is closer than ever to fully realizing its mission to provide a new, values-based, high-quality community for older adults in the Chicago.

The progress thus far, given the economically tumultuous times is a result of the tenacity of The New Admiral’s leadership combined with the ongoing commitments from the greater community and The New Admiral’s current and future residents. We expect this same commitment to carry The New Admiral through its final stages of development over the next few months.

There will be more news to report over the coming weeks and months. In the meantime, we would ask that you direct any questions, comments or inquiries to Glenn Brichacek, Executive Director of The New Admiral at the Lake (773.433.1800;


  1. When will the construction start? I am sure between the winter snow, the routine gaggle of buses sitting idle at the corner, and construction crews for both The Admiral and the Dominick's will be even MORE reason to avoid the area.

  2. Hi!I whant to know when is available the application for job?