Senior Quality Lifestyles Corporation (SQLC), in conjunction with Greystone Communities, Inc., announced the completion of the $4 million land purchase for 11-story The Stayton at Museum Way life care retirement community. The Stayton at Museum Way will be constructed on 2.5 acres of land located at Stayton Street and Museum Way in the Fort Worth, Texas Cultural District. The project is set to open in 2011 and a groundbreaking ceremony will take place on October 22.
“It is gratifying to complete this stage in the development of The Stayton at Museum Way, especially in light of the economic situation the country has experienced over the past 14 months,” said Charles B. Brewer, president and CEO of SQLC. “The Stayton has been extremely well-received by seniors in the Fort Worth community. Our bond underwriters, Ziegler Capital Markets, have released a Preliminary Official Statement and begun negotiations with institutional investors around the country to raise $165 million for the construction and development of The Stayton. With the recent improvement in capital market conditions, we hope to complete our financing for the project by the end of October and begin construction immediately.”