Hospice agency relocating headquarters to Mount Prospect

Now's the time for renters to become buyers — and not just of homes.

Taking advantage of the real estate market, Rainbow Hospice and Palliative Care will move its headquarters from Park Ridge to a new building in Mount Prospect this spring.

The Mount Prospect location will give the group an additional 7,600 square feet of floorspace, and a 3.5-acre landscaped lot has 125 parking spots, green space and the option to build out space to meet future needs, said Dave Samson, vice president and chief development officer.

“We will end up paying less money for more space,” Samson said. “All of the stars aligned for us when it came to this location.”

Owning its headquarters is expected to save Rainbow an estimated $60,000 per year over the next decade.

Though its status as a nonprofit means Rainbow won't be paying local property taxes, the village still sees an upside in having it move to town, said Bill Cooney, Mount Prospect's director of community development.

“We do feel there is a positive spinoff to filling that space,” Cooney said. “The employees will be eating at local restaurants and will be a part of the community.”

Rainbow Hospice provides end-of-life care for more than 280 terminally ill patients in Chicago and five surrounding counties every day. The organization has more than 400 volunteers along with nurses, nurses aids, doctors, social workers and more. Samson expects the number of patients to rise as baby boomers age and want to remain in their home.

“More and more people appreciate not being in the hospital, Samson said.

For the past 10 years Rainbow Hospice and Palliative Care has rented 16,000 square feet of office space at Colonial Plaza in Park Ridge. Its new location at 1550 Bishop Court in Mount Prospect has been vacant for about a year.

The move comes after an extensive search that had recently been narrowed to six locations in Park Ridge, Mount Prospect and Morton Grove, said Pat Ahern, president and CEO of Rainbow Hospice and Palliative Care.

“Rainbow Hospice has been offered an amazing opportunity to purchase a building that meets our need for space and allows us to continue to be present in our local community,” Ahern said.