In the Pipeline: Senior Housing Construction Projects (6/20/2012)

The AFL-CIO Housing Investment Trust (HIT) is investing $10 million into a $14 million rehabilitation project for the Mayfield Manor Apartments, a senior housing complex in Canton, Ohio. The complex will keep 144 units affordable for current residents for 20 more years. 

 

“Mayfield Manor is an example of the HIT financing energy-saving retrofits to help reduce operating costs and keep housing affordable,” said HIT Investment Officer Chris Shaw.

 

The HIT worked with AGM Financial Services to secure financing for the project. All of Mayfield’s housing units receive Section 8 rental assistance.

 

The rehabilitation project will include exterior and interior repairs and upgrades, as well as a number of improvements to reduce the building’s energy consumption, such as new energy-efficient windows and doors, low-flow plumbing fixtures, and more efficient heating systems. 

 

The Elderly Housing Development & Operations Corporation has managed the apartment complex since its completion in 1982. 

A former Days Inn hotel in Eureka, Mo. is slated to become an independent living community, reports the local Patch.com. The planned senior living complex will have 150 units that will be mostly one- and two-bedroom apartments. The building was purchased from Rockwood Bank, and the first phase of construction is expected to take about a year to finish. The developers will incorporate the hotel’s pool and shuffle board area, the article says, and plan to update the buildings facade along with turning a parking lot across the street into a park. 

 

Lutheran Social Services Housing is planning an $8.5 million conversion project to turn an old junior high school located in Williston, North Dakota into an affordable senior housing complex. The project will be funded in part by government housing programs and is being developed in collaboration with the North Dakota Housing Finance Agency.

 

“North Dakota Housing’s financial support leverages other investments, making the development of affordable housing feasible,” said Jolene Kline, NDHFA planning and housing development division director. “Our collaboration with Lutheran Social Services Housing is a great example of how the public and private sector can work together to address a community’s housing needs.”

 

North Dakota’s Housing Incentive Fund is allocating $200,000, and the project will also get $611,026 in federal Low Income Housing Tax Credits, which are expected to generate about $5.5 million in additional equity and lower the project’s debt requirement, allowing the apartments to be rented at “far less than market rate,” says LSSH.

 

The development plans for Lutheran Social Services Legacy Living include 28 one-bedroom and 16 two-bedroom apartments, and is expected to be completed by October 2013.

 

DeNucci Constructors LLC plans to break ground later this year on a $23 million assisted living and memory care community in Lakeway, Tex., reports the Statesman.com. The project will be located on 3-1/2 acres of land adjacent to a new regional hospital.

 

The construction company is partnering with local investors Doug Kadison and Gerald Lindenmuth for the 150-room project, which will feature 40 memory care units. Amenities will include a media room, fitness center, chapel, pool, and salon. 

 

The Lakeway project will be part of the Lakeway Medical VIllage campus.

 

The Terraces of Los Gatos Retirement Community, owned and managed by California nonprofit public benefit corporation ABHOW, has just broken ground on a $5.5 million expansion project to its Los Gatos, Calif. continuing care retirement community. 

 

Plans include building the community’s first memory care and support center, called The Grove, along with expanding the community’s assisted living accommodations. Overall, the project includes a 22,000-square-foot, two-story addition with a total of 26 assisted living and memory care suites. 

 

Construction on The Grove is expected to be complete by summer of 2013.

 

Mainstreet Property Group recently broke ground on a $13.5 million senior care facility in Westfield, Indiana. The development features a 65,000-square-foot building located on 7.5 acres of land. The new skilled nursing and assisted living community will have 100 suites, and is scheduled to open in early 2013. It will incorporate hotel-style living and social amenities within a short-term rehab and healthcare assisted environment, and will include private rooms and multiple social destinations. 

Construction: Completed

Providence Life Services Opens $82 Million Senior Living Community in Illinois

An $82 million life care community located in Elmhurst, Ill. and sponsored by nonprofit Providence Life Services will soon open and welcome its first residents. 

Park Place of Elmhurst features 173 independent living apartments, 46 assisted living apartments, 20 memory support and 37 skilled nursing suites situated on a 12.5 acre plot of land.