Ventas Subsidiary to Build Mass. Senior Living Community
Woodbriar Senior Living, LLC, a Ventas, Inc. (NYSE:VTR) subsidiary, will use proceeds of a $30 million bond issued by MassDevelopment to build a 125-unit assisted living community in Falmouth, Mass.
The development will have 35 studio apartments, 66 one-bedroom units, and 24 two-bedroom units. Plans include donating about 15 acres of land to create a handicap-accessible park and walking trail in Falmouth, along with designating 25 of the units for low-income households.
Community amenities will include a bistro, pub, theater, library, and wellness center.
ASL Development Co. LLC, a subsidiary of Atria Senior Living, will develop the project, says MassDevelopment. Atria already has a senior living community in Falmouth, called Atria Woodbriar. The new development will also be managed by Atria Senior Living.
Congress Companies, LCB to Build Mass. ALF
The Congress Companies and LCB Senior Living, LLC recently received necessary permits and approvals from the Ipswich Planning Board to build an assisted living community in Ipswich, Mass.
The Residence at Riverbend will be a 73,600-square-foot building with 75 units, comprised of 53 studeio, one-bedroom, and two-bedroom apartments for traditional assisted living and independent living residents, and 22 studio and shared units in a memory care wing for those with Alzheimer’s Disease.
Each assisted living unit will have private living space and an efficiency kitchen with a cook top, refrigerator, and microwave. The community will also have a restaurant-style dining room serving three meals a day, as well as common areas including activities spaces, computer rooms, and a library.
Based in Peabody, Mass., The Congress Companies will provide construction management services for The Residence at Riverbend, which will be operated by Norwood, Mass.-based LCB Senior Living upon completion.
The Residence at Riverbend will be situated on one acre of a 15-care site. The Congress Companies is donating more than two acres of riverfront land to the Ipswich River Watershed Association and will build and provide a trail for the public for direct access to the Ipswich River, along with access to a vernal pool for outdoor classroom wetland studies.
The Architectural Team of Chelsea, Mass. designed the assisted living community. Construction is scheduled to begin in early spring of 2013, with completion expected 15 months from the start date.
Construction: In the Process
Calif. ABHOW CCRC Breaks Ground on $30 Million Expansion
An ABHOW continuing care retirement community, Valle Verde, is breaking ground on a $30 million expansion project on Thursday.
The construction project includes a new poolside bistro, renovations to the fitness center and wellness clinic, and the addition of more parking spaces. Forty new single-story residential living homes, named Casas Verdes, will be built throughout the existing campus.
Lutheran Senior Services Begins $7 Million Expansion Project
A Lutheran Senior Services senior living community in the St. Louis, Mo. area will soon undergo a $7 million expansion project that will add 31 skilled nursing beds, reports the St. Louis Business Journal.
The certificate of need (CON) application for Meramec Bluffs was recently approved by the Missouri Health Facilities Review Committee. The community already has 88 licensed skilled nursing beds and will have 119 once the 25,000-square-foot expansion is finished.
Construction is expected to begin in Spring 2013 and be completed by early 2014.
Grubbs & Associates is the project architect.
Oxford Development Breaks Ground on Kansas Senior Living Community
Oxford Development Holdings recently began work on building a senior living community in Wichita, Kans., reports Kansas.com. This first phase of construction is expected to cost a little more than $12.5 million.
Oxford at NewMarket will be a 77-unit assisted living and memory care community that’s expected to open in September 2013. It will have 53 assisted living units and 24 memory care suites. Community amenities will include a fitness center, spa area, library, music room, bistro, and a lounge with a sports bar.
LTC Properties, a real estate investment trust that specializes in senior housing and care properties, is Oxford’s financial partner and bought the land for the development for $700,000, according to the REIT’s third quarter earnings report.
The Westlake Village, Calif.-based REIT entered a lease and development agreement for the project with Oxford for up to $9.9 million.
Ayars & Ayars of Lincoln, Neb. is functioning as the general contractor for the project, with Law Kingdon Architecture providing design services. Oxford will be the property operator upon completion.
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