In the Pipeline: Senior Housing Construction Projects (3/28/2012)

BRIDGE Housing & FHLBank San Francisco Celebrate Opening of $67.7 Million Senior Apartment Complex

BRIDGE Housing and the Federal Home Loan Bank of San Francisco celebrated the opening of St. Joseph Senior Apartments last Tuesday. The project was developed by BRIDGE housing and received Affordable Housing Program (AHP) grants from FHLBank San Franciscio. The $67.7 million senior apartment project restored a convalescent home to create 84 affordable rental units.

St. Joseph’s Senior Apartments was awarded a $415,000 AHP grant in 2008 and the complex is now fully occupied. Other sources of funding include US Bank, Union Bank, City of Oakland, City of Oakland Redevelopment Agency, and the State of California Multifamily Housing Program.

Indiana City Earmarks $1.2 Million for $16 Million Hotel-to-Senior Housing Conversion

Muncie, Ind. will provide up to $1.2 million in funding to help convert a former hotel with a downtown location into senior housing, reports The Star Press.

A Frankfort bank currently owns the foreclosed-on hotel, but Cincinnati, Ohio-based developer Miller Valentine Group plans to buy the building and turn it into 83 senior housing units through a $16 million conversion project.

The Indiana Housing and Community Development Authority has previously approved rental housing tax credits totaling $1.3 million per year for 10 years for the project, says the Press. Construction is expected to begin this Fall, with the first residents moving in around Fall 2013 or Spring 2014.

Stroud Properties to Develop $12 Million Assisted Living & Memory Care Community in Texas

Dallas-based Stroud Properties Inc. recently got approval to develop a new senior assisted living and Alzheimer community in Carrollton, Tex. The development will be situated on a 7.5 acre site with an estimated total project cost of more than $12 million.

Upon completion, the community will feature seven 8,500-square-foot residential homes, each of which will serve 16 residents. Each home will have 16 bedrooms with private bathrooms, a salon, and an enclosed, landscaped backyard with walking paths and fountains.

The community, which is expected to open in 2013, will have capacity for a total of 64 assisted living residents and 48 memory care residents. It will be located close to Baylor Medical Center, The Shops at Willow Bend, and have easy access to Dallas North Tollway.

Lakewood Development Buys Former Elementary School for Senior Housing Conversion

The East Syracuse Minoa Central School District recently sold its former Heman St. School to Lakewood Development LLC for $460,000, reports the Syracuse Post-Standard.

The East Syracuse-based development company will convert the 47,000-square-foot elementary school building into 37 affordable senior housing units—33 one-bedroom and four two-bedroom apartments as part of a $6 million project.

Work on the property, located at 121 E. Heman St. in East Syracuse, will begin right away, according to officials. A previous Post-Standard article stated that Lakewood Development has already completed four school conversions similar to this new venture, for which it will partner with the not-for-profit Southern Hills Preservation Corporation.

Massachusetts Senior Housing Complex to Get $6.7 Million Makeover

The Peter Bulkeley Terrace in Concord, Mass., run by the Concord Housing Authority, will get a $6.7 million makeover, according to Boston.com.

The low-income seniors housing project will be modernized from its current dorm-like arrangement of bedrooms to feature one studio apartment and 23 one-bedroom apartments, according to the CHA board’s chairwoman.

Funding for the project includes $3 million from the state Department of Housing and Community Development; $1 million each from the Community Preservation Act and the Massachusetts Affordable Housing Trust Fund; $1.5 million from the sale of Belknap House, a former housing facility for the elderly and disabled bought by Concord Academy; and donations from the Concord Housing Development Corporation and the Middlesex Savings Bank Charitable Foundation, according to Boston.com.

The project commenced last month and is expected to be completed late this year. Administration related to the project said the senior complex’s current “dorm-like” configuration was not popular enough to maintain.

North Dakota Town to Transform Old Hospital for $3.5 Million Senior Housing Project

Lutheran Social Services will lead the redevelopment of an old hospital located in Jamestown, N.D. into senior housing and a senior center, as well as a day care and a wellness center, reports the Jamestown Sun. The $3.5 million project will include 51 units of low-income and market-rate senior housing, which will be called Lutheran Social Services Legacy Living.

The development will be known as the Legacy Center, and other tenants will include the James River Senior and Community Center, the Jamestown Regional Medical Center Wellness Center, and ME’s 21st Century Learning Center (a daycare).

Funding and financing for the project will come from the Department of Housing and Urban Development (HUD), the Federal Home Loan Bank of Des Moines, Unison Bank, Eastern Dakota Housing Alliance, and the Enterprise Community Loan Fund. The FHLB of Des Moines also presented a $160,000 Affordable Housing Program grant for the project.

Legacy Center still has about 12,000 to 14,000 square feet of available space left on the ground floor and is looking for more tenants.