In the Pipeline: Senior Housing Construction Projects (6/13/2012)

Construction: Planned

Developer Planning $76.6 Million Senior Housing Complex in Florida

Project Holding 1 LLC, owned by Rajia Ackley, CEO of Coldwell Banker Ackley Realty, is planning an estimated $76.6 million, 22-acre senior housing complex in Kissimmee, Fla., reports the local Business Journal

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The plan includes a five-story, 655,580-square-foot senior housing project, called Shingle Creek Adult Congregate Living Facility. It would feature around 310 independent living units and 140 assisted living beds, including memory care.  

Housing Investment Trust Invests $8.8 Million to Rehab Affordable Senior Housing Development in Chicago

The AFL-CIO Housing Investment Trust (HIT) will provide $8.8 million to fund the substantial rehabilitation of an affordable senior housing developments in Chicago, Ill.

Bronzeville Senior Apartments, located in Chicago’s South Lakefront area, is an 11-story high-rise project-based Section 8 building. The HIT will provide $8.7 million in financing through the purchase of tax-exempt bonds and notes issued by the City of Chicago.

Rehabilitation will include interior and exterior repairs and upgrades, along with a number of improvements to reduce the building’s environmental impact though better insulation, storm water management, energy-saving appliances, and more efficient energy systems. 

Presbyterian Homes & Services to Build $13 Million Nursing Home in Minnesota

Presbyterian Homes & Services plans to raze and rebuild a 97-bed nursing home in Brooklyn Center, Minnesota, reports the Minneapolis Business Journal

The $13 million project is replacing the Maranatha Care Center, which will retain its name. The new three-story facility will be updated with single rooms instead of doubles. The project is currently in the process of getting city approval. 

Easton Home Adding New Low-Income Apartments for Pennsylvania Seniors

Presbyterian Senior Living-managed Easton Home, a senior living complex in Easton, Pa., is planning to develop about 100 new low-income apartments primarily for independent living seniors, reports The Express-Times

It will be a multimillion-dollar project built in two phases, but total costs are still uncertain, the article says, and the plans still have to be approved by the Easton Planning Commission. 

Easton Home uses Pennsylvania Housing Finance Agency tax credits for its apartments to keep them affordable for low-income residents, and will need them for the new project, according to Presbyterian Senior Living’s president, Steve Proctor. 

Congress Companies to Renovate, Add Onto Mass. Assisted Living Community

The Congress Companies, a construction and development company based in the East Coast, recently obtained a construction loan from East Boston Savings Bank for Phase 1 of a renovation and addition project for Golden Pond Resident Care Corp. 

Congress is partnering with owners Larry and Kerry Kunst for the Golden Ponds project, an assisted living community located in Hopkinton, Mass. 

Construction plans include an additional 41,000 square feet and 47 new assisted living beds, along with renovating the main mechanical and electrical plants servicing the existing 135-bed assisted living facility to meet current requirements and prepare for future expansions. 

Construction: In the Process

Elmcroft to Manage Kentucky Senior Living Center After Construction is Complete

Elmcroft Senior Living is partnering with Ethos of Valley Farms LLC to manage a 65-unit assisted living and memory care center currently under construction in Louisville, Ky.

The agreement includes a provision for Elmcroft to purchase the center in 2015. Ethos has previously constructed and sold two other centers to Elmcroft, both located in Kentucky.

Ethos of Valley Farms in Louisville is expected to open on August 1.

Construction: Completed

Integral Senior Living Opens Senior Living Community in California

Integral Senior Living, a senior community manager, recently announced the grand opening of Lantern Crest Senior Living, an independent living, assisted living, and memory care community located in Santee, Ca. 

The first phase of the new community features 80 assisted living and memory care residences in a resort-style environment. Once all phases have been completed, Lantern Crest will have 400 units, including independent living apartments. 

The one- and two-bedroom apartments all have private bathrooms and individual climate control. The community will offer its residents the ability to participate in community outings, musical programs, games, cards, gardening, painting, and sewing, and will provide scheduled transportation.

Affordable Senior Housing Facility Reopens in California After $84 Million Upgrade

The Housing Authority of the County of Santa Clara (HACSC) is celebrating the reopening of Cypress Gardens, an affordable senior housing facility in San Jose, Ca. to showcase the agency’s successful upgrading and revitalizing program accomplished through public-private partnerships. 

Cypress Gardens is one of HACSC’s oldest affordable public housing facilities for seniors, and after years of neglect and deferred maintenance due to limited federal funding, it was badly in need of rehabilitation. 

To make those necessary repairs and upgrades, HACSC leveraged more than $90 million in private funds from Low Income Housing Tax Credits, tax exempt bonds, and commercial loans. Construction costs for the project totaled $84 million.

“Cypress Gardens proves that public-private partnerships are a win-win formula for serving the affordable housing needs of our seniors, disabled, and homeless residents of Santa Clara County,” said Alex Sanchez, executive director of HACSC, in a statement. “This is the kind of teamwork that can be achieved throughout the nation.”

The housing complex has 125 units with capacity for approximately 150 residents, mostly seniors along with some disabled citizens. The rehabilitation project began in November 2010 and included repairing major interior, exterior, and common use areas. Improvements include: New outdoor siding, new windows, new paint, a new walkway, improved landscaping, new appliances, new floor coverings and fixtures, new common area kitchen appliances, a new multimedia center with a new computer, expanded laundry equipment, new air conditioning, and a new fire alarm system. Segue Construction, Inc., served as the general contractor. 

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