In the Pipeline: Senior Housing Construction Projects (2/26/2012)

EdenHill Begins Expansion Project at Texas Senior Living Complex

Not-for-profit senior living organization EdenHill recently broke ground on what will be a four-story, 103-unit CCRC located on its New Braunfels, Tex. senior living complex. The Pinnacle at EdenHill is almost 80% presold, according to the organization, and the expansion project is expected to take two years and cost $42 million.

Tarantino Co. Proposes $38 Million Health Care Complex in Milwaukee, Wisc.

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Developer Tarantino Co. has proposed a $38 million corporate headquarters and healthcare complex on the site of a former factory in Milwaukee, Wisc., reports the Journal Sentinel. The development includes four buildings with a total of 200,000 square feet, and the proposal includes a nursing home, community-based residential care center, and an assisted living center. A rendering of the project indicates Community Care, Inc., a local nonprofit healthcare provider, will be the development’s tenant. The buildings would be partially financed through federal New Markets Tax Credits,and a city affiliate would $20 million of tax credits to generate about $4.5 million through sale to investors, reports the Journal Sentinel.

Bronzeville Associates Propose $18.2 Million Project to Rehab Senior Housing Units

Bronzeville Associates Senior Apartments LP will undertake an $18.2 million project to rehabilitate 97 units of senior housing in Chicago, Ill. The city’s mayor, Rahm Emanuel, introduced a proposal to the City Council for Chicago to provide up to $10 million in Housing Revenue Bonds, and up to $2.7 million in TIF assistance for the project, which would include new plumbing, mechanical systems, HVAC systems, and upgrades to kitchens and bathrooms. Other rehab work includes a new roof, windows, building entrances, and repair of parking surfaces. Chicago will provide additional support in the form of $603,461 in Low Income Housing Tax Credits that will generate approximately $5.5 million in equity for the project.

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Lumberton, N.C. to Build $9.5 Million Senior Housing Project with HUD Funding

The Department of Housing and Urban Development is funding a senior housing project in Lumberton, N.C. The 48-unit, gated development, Azalea Gardens, will be built on about 3.5 acres of property and will be “mixed financial senior housing,” reports the Hattiesburg American. It will feature 25 senior units and 23 public housing units, and has an estimated cost of $9,545,386. Mississippi Regional Housing Authority VIII will oversee the project, and the HUD funding is expected to be made available in the next couple of weeks.

Morningside Management of Virginia, BROM Builders of Norwich Approved to Build Senior Living Center

Plans for a 245-unit assisted living complex have been approved by the Stonington Planning and Zoning Commission, allowing Morningside Management of Virgin and BROM Builders of Norwich to move forward with their senior living project. The plan is to build Mystic Preserve Senior Living on 18 acres of Coogan Farm, which will feature dementia, assisted living, and independent living apartments that will range from a 402-square-foot studio to a 1,222-square-foot two-bedroom apartment, according to The Westerly Sun.

Michigan Nursing Care Facility Reopens After $5 Million Renovation

Ciena Healthcare, a senior care services provider, reopened its skilled nursing center in February after a $5 million expansion and renovation project, reports AnnArbor.com.

The Regency at Bluffs Parks, located in Ann Arbor, Mich., had been closed since Fall 2008. The facility now has a second floor and a new wing, and it’s been shifted from a long-term care facility to a short-term rehabilitation center.  The renovation reflects changing trends of patients in need of short-term stays on their way from the hospital back to their homes, according to Ciena Healthcare’s CEO.

The building was expanded to 37,169 square feet—more than 60% bigger than the original facility. It has 33 private rooms and 19 doubles. The Regency at Bluffs Parks only has a few residents so far, but its administrator told AnnArbor.com he expects it will be at fully capacity by late summer or early fall.