In the Pipeline: Senior Housing Construction Projects (9/4/13)

| September 4, 2013

Construction: Planned 

Former Pabst Brewery to Become Senior Housing Apartments

New York-based Whitestone Realty Capital LLC plans to create a 124-unit senior apartment complex at a former Pabst brewery in Milwaukee, BizTimes.com reports

The five-story community, to be called Towne Club at The Brewery, will feature 31 units for independent seniors, 66 assisted living units and 27 memory care units. 

Whitestone plans to close the building and begin construction for the $44 million project in late October or November of this year. The project will be financed with $29.8 million in tax exempt bonds, plus equity and historic preservation tax credits. 

The project will be complete by early 2015, according to project developers. 

McFarlin Group Announces Assisted Living Project in Allen, TX

McFarlin Group, LLC, announced its latest project, a 100-resident assisted living and memory care community in Allen, Texas. Construction costs were not disclosed.

The community will sit on approximately 4.3 acres of land at Exchange Parkway and Watters Road near Twin Creeks, a master planned golf community. 

The community will have capacity for 60 assisted living and 40 memory care residents within the building’s 50,000-square-foot floor plan. Rooms will range from studios to two-bedroom suites.

Within the community, residents will be able to take advantage of fitness and wellness areas, full-time life enrichment program, free Wi-Fi and two landscaped courtyards. A separate area is also available for third-party physical therapy and home health providers to offer serves to the property’s residents and other seniors in the Allen area.

Daily operations will be managed by Meridian Senior Living. The architect is Bedford, Texas-based firm Gailer, Tolson and French.

Opening and first resident occupancy is planned for the fourth quarter of 2014.

Mass. Develop Chosen for 75-unit Connecticut Senior Housing Project

Peabody, Massachusetts-based Congress Building Corp. announced it has been selected by LCB Senior Living, LLC, of Norwood, Mass., to provide construction management and serve as general contractor for its new senior living community in South Windsor, Connecticut. 

The Residence at South Windsor Farms will include 80 apartments and will offer residents a broad spectrum of services that include independent living, assisted living and memory care. 

Construction is scheduled for completion in early 2015. 

Congress Building Corp. is currently providing construction management services for The Residence at Riverbend, a 75-apartment LCB community under construction in Ipswich, Mass. that is slated for completion in the fall of 2014. 

Canadian Company Purchases Land for Senior Housing Project 

Amica Mature Lifestyles (TSX: ACC), a Vancouver-based public company specializing in senior housing, announced that it has closed on a land purchase in Calgary, Alberta. 

The approximately 3.4 acre development site is located in the upscale Evergreen neighborhood in Southwest Calgary. 

Amica anticipates developing the land in two phrases for an Amica-branded luxury Wellness & Vitality rental retirement residence. 

The project will be called Amica at Fish Creek and the company currently estimates approximately 150 suites for the first phase, however, Amica does not expect the construction phase to commence before fiscal 2015, according to a company spokesman.

The total purchase price paid for the land was $4.25 million and was funded using all cash with no debt financing.

Construction: In Process 

California Nonprofit Breaks Ground on $21 Million Senior Apartments 

ABHOW, a California-based nonprofit provider of senior housing, broke ground August 14 on its 33rd community for older adults with low incomes. 

Bay Vista Senior Apartments is a 74,000-square-foot, 81-apartment affordable housing community in Bremerton, Washington, in partnership with Beacon Development Group.

The development is financed by the Department of Housing and Urban Development’s (HUD) Section 202 Supportive Housing for the Elderly Program and 9% low-income housing tax credits. United States Bank is the tax credit investor for the project. When open, the apartments will cater to residents age 62 and older who make no more than 50-60% of the annual median income. 

The three-story building will feature a u-shaped design that wraps around a courtyard, with amenities that include slip-resistant floors, wide doorways and ample lighting.

Bay Vista is scheduled to open in early 2015. 

Spectrum Breaks Ground on $23 Million Senior Community

Spectrum Retirement LLC has begun construction on its newest retirement community in Eugene, Ore.

Crescent Park Senior Living will include 119 senior apartments ranging in size from studio suites to two-bedroom, two-bath, 1,000-square-foot units. Apartments are leased month to month, with no buy-in fee requires.

When it opens, the $23 million, 116,000-square-foot community will employ 55 people within a three-story building. 

Georgia-based Catamount Constructors will serve as general contractor for the project, with St. Louis-based Vessel Architecture & Design as architect.

Crescent Park is slated to open October 2014. 

Massive Minnesota Senior Housing Project Readies for Phase One Opening

Development of Promenade in Wayzata, Minnesota, continues to make progress with the first residents moving in by October 10, Finance & Commerce reports.

The $225 million project is a mixed senior housing and commercial development that is currently under construction in five buildings in downtown Wayzata.

The project breakdown includes 327 senior hosting units, 63 market-rate condos, 26 market-rate all-ages units, a 100-room boutique hotel and 149,000-square-feet of retail and office space on 14.5 acres. 

Senior Housing Partners, a division of Presbyterian Homes & Services, and BohLand of Wayzata are owners and developers of the project. 

Minneapolis-based In Site Architects and Cunningham Group will serve as project architects. The Minneapolis office of LHB will provide site engineering, and Minneapolis-based Adolfson & Peterson Construction will serve as the contractor for the Promenade project.

Senior Lifestyle Community on Target for Summer 2014 Opening

Senior Lifestyle and Chicago-based Skender Construction Company hosted a “topping out” ceremony August 23 as construction crews finished roofing the company’s newest assisted living and memory care community in Northbrook, Illinois. 

With 156 luxury apartment-style units on 7.2 acres, North Shore Place will offer retirement housing in large private one- and two-bedroom apartments.

The community will feature granite countertops, stainless steel appliances, full kitchens, in-unit washers and dryers and complimentary Wi-Fi throughout the property. 

North Shore Place is scheduled to open for occupancy in summer 2014. Construction costs were not disclosed. 

Erickson Living Nears Completion for Colorado Retirement Community

Erickson Living’s Mill Vista Lodge, a continuing care neighborhood at Wind Crest, is nearing developers’ expected completion date of October 10. 

Mill Vista Lodge features 144 apartments for assisted living, memory care, short-term rehabilitation and nursing care services in Highlands Ranch, Colorado. 

The new neighborhood incorporates the integrated health care model developed by Erickson Living, the manager and developer of Wind Crest. 

Residents can benefit from private apartments that are equipped with full baths, as well as a variety of engagement programs on campus. 

Lantz-Boggio, based in Greenwood Village, Colorado, is the project architect. With a background spanning more than 45 years, the company is nationally-recognized in the design of senior living and care environments. Construction costs were not disclosed.

Joint Venture Brings Assisted Living Community to Phoenix Area 

A joint venture between Red Group, a Scottsdale-based developer, Denver-based MorningStar and Phoenix-based ArciTerra is bringing a new assisted living and memory care community to the Arcadia area in Phoenix, AZcentral.com reports.

The $25 million MorningStar at Arcadia is scheduled to open mid-October, and will feature 80 suites for assisted living and 30 memory care suites. Room floor plans include studio, one-bedroom and two-bedroom units.

The site will also feature health and wellness facilities, a movie theater, concierge, scheduled transportation and a beauty salon.

MorningStar will act as operator of the new four-story community.

Written by Jason Oliva


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Category: Senior Housing

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