In the Pipeline: Senior Housing Construction Projects (8/15/2012)

Construction: Planned

US Memory Care & America Development to Build, Open $7 Million Senior Care Community in Texas

Dallas, Tex.-based U.S. Memory Care, LLC has partnered with healthcare and senior living real estate development and investments company America Development to build its first memory care community in Colleyville, Tex. The community with have 70 units with capacity for 75 residents.

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The building’s design includes separate “neighborhoods,” with residents being assigned to each neighborhood depending on what stage of memory loss they are in. The community’s resident services director will complete a memory assessment and programming tool for each resident to determine which neighborhood they belong in and ensure each person’s transition into the community is transparent.

Amenities will include a beauty/barber shop; theater and fitness club, among other features. Construction on the one-story, 58,000-square-foot building is currently underway, and the community is scheduled to open later this year, with three more Texan communities to be announced soon.

Construction cost is approximately $7 million. The project has been financed through Coppermark Bank, an Oklahoma state-chartered bank.

Connecticut Grants Shetucket Village $2 Million for Community Renovations

Shetucket Village in Sprague, Conn. will receive $2 million in funding for modernization of the community’s units and public space from the state Department of Economic and Community Development, reports the Norwich Bulletin.

Construction improvements will be overseen by Sprague’s Mattern Construction Inc., and will include new gas lines, concrete sidewalks, new vinyl siding, strengthened foundations and enhanced roofing.

Previous to the venture, units in Shetucket Village held leaking toilets, exposed cable wires and unreliable fire alarm systems.

Modernization of the community is expected to be completed by May 2013.

California Planning Council Approves $11.5 Million Senior Housing Project

Construction of an affordable senior housing project was approved by the Yuba City Planning Commission last week, reports the AppealDemocrat.com. The commission also granted a two-year extension for an independent living facility that had already been approved.

The newly approved $11.5 million project, proposed by the Regional Housing Authority of Sutter and Nevada Counties, includes 45-units and would most likely be geared toward low-income residents. The housing authority is also applying for funding from Home Investment Partnerships Program funds and the Tax Credit Allocation Committee.

Construction is expected to begin in fall 2013.

The previously approved independent living facility is expected to use 20 acres of orchards as home to 52 senior condos, an independent living facility, and 48,000 sq. feet of office space. Ground is expected to be broken as soon as financing is secure.

Integral Development to Build Indiana Senior Housing Project

A partnership between private firm Integral Development LLC and the Richmond Housing Authority will result in a senior housing development in Richmond, Ind., reports the Pal-Item.com. The 60-unit complex would house seniors who need help with daily activities, but not complete nursing care.

Plans for rezoning the land for use by multiple family residences will be heard Aug. 30 and must be approved by the Richmond Advisory Plan Commission. The decision is expected to be made in September.

The project is still in its early stages. Integral now must apply for tax credits from the Indiana Housing & Community Development Authority and receive approval from the U.S. Department of Housing and Urban Development. Without the tax credits and approval, the project will remain stagnant, according to Richmond Housing Authority.

Two New Jersey Projects Will Use Tax Credits for Senior Housing Development

Two New Jersey housing projects are eligible for Federal Affordable Housing Tax Credits, reports NJ.com, which allow developers who receive tax credits to sell them to investors and use the proceeds to fund or reduce development costs and allow for lower rents.

The first development proposal, in Lawnside, N.J., is for 40 affordably-priced apartments for seniors. The project will convert a former school building into 16 units, and construct a new second building with 24 units. The complex will feature a community room, an exercise room, a computer room, craft room, laundry facilities, and on-site management.

Each apartment will have full kitchens, living and dining areas; full baths; and ample closet space. The units will have Energy Star-rated appliances and heating and cooling systems that meet Energy Star Program requirements, which will serve to ensure that the utility costs for the units will also be affordable.

Conifer Realty, LLC and the Camden County Housing Association are developing the project.

The second proposal is in Winslow Township for Winslow Commons Phase II, which will feature 90 units of senior apartments. Project amenities include on-site management, a community building, planned social activities and events, a playground area for children, a one-car garage, and parking for guests for each unit.

Winslow Commons CCU Partnership is the project developer.

“These projects will serve a significant need in Camden County, which is providing housing for seniors on a fixed income in combination with individuals and families looking for affordable units,” said Freeholder Director Louis Cappelli, Jr., liaison to Economic Development. “The units themselves are being built in a responsible energy efficient manner which furthers our goals of sustainability within the county and reducing utility costs for residents.”

Construction: In the Process

Rocky Mountain Development Council Breaks Ground on Mont. Affordable Senior Housing Complex

The Rocky Mountain Development Council recently broke ground on a 33-unit affordable senior housing complex in Helena, Mont., reports the Helena Independent Record.

Called the River Rock Residences, the community will have 27 one-bedroom units and six two-bedroom units and is expected to be completed in about a year.

The project is being funded by federal tax credits from the Montana Board of Housing-Low Income Housing Tax Credit program and two federal grants, including the Community Development Block Grant program.

Mountain West Bank of Helena is providing construction and permanent financing, while Golden Eagle Construction of Helena is the general contractor for the project.

Two Senior Housing Developments Under Way in Georgia

Salem, Ore.-based Lenity Group is developing a 118-bed retirement community in Alpharetta, Ga., reports the Assisted Living Center. The Cottonwood Estates project is a three-story assisted living community located on four acres of land in North Fulton county.

The other development, the Villas at Canterfield, is a $30 million project managed by Atlanta, Ga.-based Medical Development Corporation. This community will offer a continuum of care, ranging from independent living apartments, villa-style retirement homes, and assisted living. Healthcare Management and Accounting Services will manage the Villas at Canterfield upon completion.

Construction: Completed

Burke Construction Group Completes $12.7 Million Nevada Senior Apartment Complex

Burke Construction Group recently completed construction on the College Villas Senior Living Apartments Complex, a $12,747,201 project in Henderson, Nev.

The four-story, 151,952-square-foot affordable senior housing complex includes 226 units for older adults in downtown Henderson. Twelve of the units are ADA-compliant to accommodate those with special needs.

The apartments vary in size from 501 square feet to 837 square feet. The community’s amenities and features include photovoltaic solar power, a site management office, a swimming pool, expansive courtyards and gardens, and a senior community center.

The community was designed by Eric Strain of assemblageSTUDIO.

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