In the Pipeline: Senior Housing Construction Projects (10/17/12)

Construction: Planned

SRP Medical to Build Texas Senior Living Community

SRP Medical, a senior care real estate investment and development company, and Frontier Management recently announced plans to build a 100,000-square-foot senior living community in the southwest area of Forth Worth, Tex.

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The community will have 105 residents providing assisted living and memory care services.

“SRP continues to respond to the need for stimulating, engaging senior living communities, and we’re excited to commence work on our second assisted living community this year and first in the Fort Worth market,” said Marc Goldman, an SRP Principal and founding partner, in a statement. “This new development constitutes an important addition to our growing portfolio and should enhance our reputation for delivering the highest senior living quality and amenities.”

The developer and management venture has previously broken ground on another Texas community, Magnolia Heights, which is scheduled to open in the second quarter of 2013.

SRP expects to break ground on the Forth Worth community by the end of the year, with construction scheduled for completion in January 2014.

Integrated Real Estate to Build $20.4 Million Tex. Senior Community

Texas-based developer Integrated Real Estate Group is planning a $20.4 million senior living community in Kingwood, Tex. The development, to be called Watercress at Kingwood, will have 174 units comprised of 150 one-, two-, and three-bedroom units and 24 two- and three-bedroom villa cottages.

The community will provide an independent living environment with housekeeping and meals; amenities will include a walking trail, pool, and approximately 11,000-square-foot clubhouse. 

Integrated Construction and Development is the project’s general contractor, and Integrated Property Management, LP will manage the community upon its expected January 2014 completion.

N.Y. Senior  Housing Facility Gets $1.2 Million Grant for Rehab Project

Burton Towers, a high-rise senior housing complex in Newburgh, N.Y., has gotten funding for a major rehabilitation after getting a $1.24 million grant from the Federal Home Loan Bank of New York, funded through the Housing Action Council, reports the Mid-Hudson News Network.

“The building requires substantial rehab to bring the property up to the minimum federal Housing and Urban Development standards,” the news outlet report. “Financing will be provided by tax exempt bonds through the Newburgh Housing Authority, Low Income Housing Tax Credits, HUD and Citibank, N.A. as the construction lender. The Affordable Housing Program subsidy will be used toward the rehabilitation costs.”

The grant will help preserve 125 units of affordable senior housing, according to Rep. Maurice Hinchey.

Construction: In the Process

Mainstreet Announces More Than $60 Million in New Senior Care Development

Mainstreet Property Group recently announced a more than $60 million pipeline of senior care development projects in Avon, Castleton, Crawfordsville, and Kokomo, Ind. 

The four “Next Generation” health campuses will include skilled nursing care and assisted living options and will offer private rooms, private baths, restaurant-style dining, and social amenities for both short-term and long-term care needs.

“Mainstreet is committed to designing and developing something fresh—and needed—in seniors housing and care,” Zeke Turner, Mainstreet CEO, said in a statement. “The vast majority of this industry’s properties are ill-suited to serve the next generation of users, as the average consumer does not want to receive care in a 30 or 40 year old nursing home.”

New construction on the new healthcare campuses has either already begun or will begin shortly. All are slated for completion in the third and fourth quarters of 2013.

The Avon and Crawfordsville communities are part of Mainstreet’s joint venture with Life Care Services, a Des Moines, Iowa-based provider of senior lifestyle products and services.

Once completed, HealthLease Properties REIT, a publicly traded company on the Toronto Stock Exchange in which Mainstreet holds an interest, has the right to purchase each of the four properties. 

Workforce Development Breaks Ground on N.C. Senior Complex

Development company Workforce Development, headed by Jim Yamin and Charles Grant, recently broke ground on Ellsworth Commons, an $8.1 million affordable senior apartment complex for independent seniors aged 55 and older in Greenville, N.C., reports Reflector.com

The development will have 68 units comprised of 39 one-bedroom apartments and 29 two-bedroom apartments in a six-building complex. 

Amenities will include a multi-purpose center with a kitchen, computer center, library, exercise room, hair salon, and coin laundry.

The apartments are financed in part by federal and state tax credits awarded by the N.C. Housing Finance Agency and will be affordable to 55+ residents who earn 40-60% of the county’s median income, according to the developers. Other financing sources include the Community Investment Corp. of the Carolinas, the Community Affordable Housing Equity Corp, and BB&T.

Cline Design Associates is the project architect. The contract is Grant Inc., and Rivers and Associates is providing engineering associates. Excel Property Management Inc. will manage the community upon completion. 

Senior Living Community Nearing Completion of $5 Million Makeover

A $5 million makeover of a Scottsville, N.C. senior living community is nearly complete, according to the local NBC News affiliate.

The affordable senior housing project is upgrading its 34 apartment units for the first time in 20 years to feature energy-efficient appliances that can cut utility costs by 25 to 30%. The building, which used to be a schoolhouse, also got a new roof and taller windows.

Funding for the Scottsville School rehabilitation came from the Piedmont Housing Alliance using a combination of low-income housing and historic tax credits. 

The community’s tenants are expected to be completely moved back in by November 7. 

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