In the Pipeline: Senior Housing Construction Projects (10/31/13)

| October 31, 2013

Construction: Planned

Developers Propose St. Louis-Area $20 Million Assisted Living Project

The Grove Assisted Living, LLC, and Long Road Acquisition, LLC, are proposing a $20 million assisted living and memory care project for the Sunset Hills area located just outside of St. Louis, Missouri, reports St. Louis Business Journal.

The project, dubbed The Grove in Sunset Hills, calls for 90 beds, 22 of which are designated for memory care all within the community’s 69,400-square-foot multi-story development. 

One- and two-bedrooms would be available to residents, along with the community’s amenities that include an on-site salon, exercise room, wellness center, bistro, computer room and transportation services.

St. Louis-based nonprofit St. Andrew’s Management Services Inc. would be tapped to provide management and operational services for the community, according to the article. 

Pending approval from Missouri state health regulators and the city of Sunset Hills, construction for the project is expected to begin in 2014 with completion scheduled for 2015. 

Construction: In process

Thrive Senior Living and PinPoint Start Work on Assisted Living Community

Thrive Senior Living and PinPoint Commercial, LP, announced this week they have begun construction on a new assisted living and memory care community in North Tampa, Florida.

The Legacy at Highwoods Preserve contains 164 beds, with 120 devoted to assisted living and the other 44 for memory care.

The units at The Legacy at Highwoods Preserve include hallmark design features from PinPoint and Thrive such as telemedicine suites, oversized rooms, libraries, gaming areas, multiple courtyards, shops and beauty salons for residents and visitors.

The companies expect construction to be complete by the fall of 2014. Development costs associated with the project were not disclosed to SHN.

Cushman & Wakefield Arranges $44.6 Million for Two LCB Senior Living Projects

Cushman & Wakefield, a privately-held commercial real estate services firm, has arranged $44.6 million of debt and equity for the construction of two LCB Senior Living projects located in Connecticut.

Construction is already underway on a new LCB Senior Living, LLC, community located in the northeast suburbs of Hartford, Connecticut called The Residence at South Windsor Farms. 

The project began construction in August and upon completion, the community will feature 80 units for independent, assisted and memory care.

South Windsor Farms is one of two projects LCB Senior Living has closed on construction and development financing arranged by Cushman & Wakefield’s Senior Housing Capital Markets Group.

In October, LCB closed on construction and development financing for The Residence at Brookside, a to-be-built 74-unit independent, assisted and memory care community located in Avon, Connecticut in Hartford’s northwestern suburbs.

The South Windsor Farms community is planning its opening for the fall of 2014, while the Avon community is slated to open in late 2014. 

Both transactions were financed with construction loans from M&T Bank and with joint venture equity from Prudential Real Estate Investors.

North Carolina CCRC to Welcome Residents in November 

SearStone is the first continuing care retirement community (CCRC) in North Carolina to receive licensure since 2008 and come November 1, the community will welcome its first residents.

The community, owned by the nonprofit Samaritan Housing Foundation, is the product of Bill Sears, a local architect from Cary, North Carolina, where the CCRC is located.

Upon completion, SearStone will feature amenities such as a clubhouse, swimming pool, fitness center, dining services, in-home and inpatient health care, transportation, walking trails, conservatory, programmed activities, among others.

The community is nearing 90% in pre-sales, with fewer than 19 homes remaining, according to a release. 

Assisted Living and Memory Care Developer to Open $35 Million Community

The Bristal Assisted Living plan to open its eleventh community at Sayville, New York, to meet the growing needs of the region’s aging populating.

Total development costs associated with the project are approximately $35 million, a spokesman from The Engel Burman Group told SHN.

The Bristal at Sayville features 83 assisted living units and 51 additional suites located within the community’s “Reflections” memory care program. 

Rents begin at $3,500 a month with Reflections units starting at $6,200 per month. 

Activities and amenities include book clubs, shopping trips, cultural outings, cinema, library, billiards parlor and fitness center.

Engel Burman, who is serving as the general contractor building the Bristal Assisted Living community, says a grand opening date is slated for the second quarter of 2014 sometime between April and May.

Construction: Completed 

Discovery Senior Living Celebrates Grand Opening of Florida Community

Discovery Village At The Forum celebrated its grand opening October 26 in Fort Meyers, Florida. 

Discovery Village broke ground September 2012 on the Forum community, which consists of one, three-story building of 30 homes for independent living; along with a separate two-story wing with 66 suites for assisted living; and an adjoining clubhouse featuring 30 suites for memory care residents.

The company selected Architect Build LLC as general contractor, and GMA Architects and Planners for architectural and planning services. 

The community offers a variety of amenities such as fitness and wellness centers, and indoor therapy pool.

The community also features a 200,000-square-foot Grande Clubhouse, which is to be used as a social hub for dining, activities and events, and other recreational programs.

Written by Jason Oliva


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Category: Assisted Living, CCRCs, Communities, Development, Independent Living, Senior Housing, Senior Living

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