A real estate development firm is planning to build a continuing care retirement community (CCRC) that will feature a solar farm and natural hot spring waters on 161 acres in California’s Coachella Valley.
Rising India Inc., a real estate developer headquartered in Tustin, California, plans to include 1,500 units of independent, assisted living and memory care in its project dubbed “The Foothills.”
While the company did not disclose how much the project will cost, a July release stated development costs for the planned community would total $300 million. The same release also stated the 161-acre project for the Coachella Valley would comprise up to 3,000 units, although the company’s website lists the initial phase of the project at 1,500 units.
The retirement of the approximately 73 million baby boomers is driving the demand for senior housing development, said Rising India CEO Walter Luce during an interview Friday with MoneyTV’s Donald Baillargeon.
“Assisted living is the thing, it’s the thing of the future and the demographics tell you that,” said Luce during the interview. “The 70-80 million Baby Boomers are going to want this type of housing.”
The first phase of construction will include development in the 400-unit range, Luce said, on about 40-50 acres of what he referred to as “good, high-density acreage.”
Though the project is slated for 161 acres, Rising India plans to donate whatever land it does not use back to the Bureau of Land Management. The solar farm may only take up about 20 acres, while the 400 units for Phase One will encompass about 10 acres.
“The number of units are deceptive,” said Luce. “Because the units are small, you have to think in terms of square footage.”
While the project is still in its preliminary stages, the company still has to go through the entitlement stage for the 161 acres it is looking to develop into The Foothills community.
Luce, who has 40-plus years in real estate development, admits that while Rising India’s portfolio consists of apartments, large residential and commercial properties, the company is not doing a lot of multifamily housing lately due to the “recent economic dilemma,” he said during the interview.
“We feel that this type of [senior] housing is the way to go,” he said.
Rising India Inc. did not return request for comment as of press time.
Written by Jason Oliva