In the Pipeline: Senior Housing Construction Projects (1/30/14)

Construction: Planned

Granger Group Plans $25 Million Senior Living Community

The Granger Group, a real estate developer based in Wyoming, Michicgan, announced it will build a $25 million, 130-unit senior living community on the campus of Metro Health Village, reports MLive.

Plans for the four-story building include 70 independent living units, 40 assisted living and 20 memory care/Alzheimer’s units, the Granger Group’s VP of Development said in the article.

The 120,000-square-foot building will also include ground-floor common areas and an outdoor café.

Granger Group has yet to establish rental rates for the community, however, it has said the rates will be comparable to similar facilities in the market. 

Groundbreaking is scheduled for April, with completion slated for the following spring.  

Dubai Eyes Senior Living Developments for “Healthcare City”

The Dubai Healthcare City (DHCC) plans to develop a suite of senior living facilities in the coming years, which will be open for everyone, including expatriates, reports Gulf News. 

The housing options on the radar for the DHCC include independent apartment homes, assisted living and nursing communities—all part of a second phase for the DHCC to attract more medical tourists to Dubai.

“The homes will be located at the Continuing Care Retirement Community and international specialists will be at hand to provide medical support to the residents,” said DHCC CEO Marwan Abdin in the article.

The group is also planning a 400-bed medical teaching college, which will be led by a Swiss education institution, along with six additional hospitals.

Construction: In the Process

Ziegler, Terraces of Boise Close $103 Million Financing for Idaho CCRC

Chicago-based specialty investment bank Ziegler has helped Idaho-based Terraces of Boise secure $103.2 million in municipal bond financing for a new continuing care retirement community. 

Construction is currently underway on the new community, which will be located on 12.6 acres within the Harris Ranch area of Boise, ID. 

The Terraces of Boise has partnered with local Boise general contractor PETRA, AG Architecture and Marlo Interiors for interior design. 

When construction is complete, the community will provide housing for approximately 300 seniors—offering 161 residential living apartments, 40 assisted living units, 48 skilled nursing and 24 memory support suites. 

The community will also offer a variety of services and amenities, including a fitness center, multiple dining venues, beauty salon and library.

The Terraces of Boise is scheduled to open in late spring 2015 and is currently taking reservations.

Accessible Space to Develop $17.5M Affordable Senior Housing Community

Accessible Space Inc., a low-income housing developer based in St. Paul, Minnesota, has begun construction on a $17.5 million affordable housing apartment complex for seniors in Greeley, Colorado, reports Northern Colorado Business Report.

The 60-unit complex, dubbed Chinook Wind Apartments, will be complete sometime in late 2014, according the project’s financier U.S. Bank. 

Of the 60 apartments, 12 will be wheelchair accessible. A library, lounge, business center, computer lab and exercise facilities will also be present within the community. 

Chinook Wind Apartments will receive Low Income Housing Tax Credits from the Colorado Housing and Finance Authority. 

Accessible Space Inc. currently has five developments in Colorado.

Construction: Completed

Harbor Retirement Associates Opens $21.6M Senior Care Community

Vero Beach, Florida-based Harbor Retirement Associates recently announced the opening of a $21.6 million assisted living and memory care community in Lady Lake, FL, reports TCPalm.

The product, developed under the HarborChase brand, is the newest addition to the company’s 18 communities in the Midwest and South—12 are located in Florida.

Harbor Retirement Associates has developed and renovated more than 1,500 senior living units to date. The company currently manages 1,511 units in its portfolio.

Proctor Construction, also headquartered in Vero Beach, served as the general contractor. 

InnovAge Celebrates Opening of New Adult Health Center in Denver

Nonprofit group InnovAge recently celebrated the grand opening of its newest adult day/health center in Denver.

The 36,000-square-foot center, dubbed InnovAge Greater Colorado PACE, replaces the group’s nearby Capitol Center, which had outgrown its current facility, Innovage said in a release.

The center includes a primary care clinic with seven exam rooms and a room for specialty physicians nurse triage and treatment; a therapy gym supporting physical, occupational and speech therapies; dental examination and treatment room. 

The facility also features seven day rooms for social activities, a dining room and various other rooms for social work, home care and nutrition services. 

InnovAge Greater Colorado PACE is a part of Medicare’s national Program of All-Inclusive Care for the Elderly (PACE) that helps qualified seniors and helps those over age 55 living with disabilities live independently rather than in nursing centers. 

Written by Jason Oliva