Delmar Gardens to Invest $33 Million Into Assisted Living Conversion
Delmar Gardens Enterprises is planning to convert some of its independent living apartments into assisted living beds at five locations, according to papers filed with the Missouri Health Facilities Review Committee.
The company proposes to invest about $33 million into expanding its existing services and tapping into an under-served assisted living market.
- Garden Villas Assisted Living, a 156-unit independent living community in Chesterfield, Mo., wants to convert 24 of its existing apartments into 30 assisted living beds at a project cost of about $3 million.
- Garden Villas of O’Fallon Assisted Living, a 158-unit independent living community in O’Fallon, Mo., is looking to create 65 assisted living beds by converting 52 existing apartments in an approximately $9.6 million project.
- Garden Villas North Assisted Living, a 166-unit independent living community in Florissant, Mo., wants to convert 50 existing apartments into 70 assisted living beds at a cost of about $7 million.
- Garden Villas South Assisted Living, a 212-unit independent living community in Sappington, Mo., proposes creating 76 assisted living beds out of 64 existing apartments in an $8.1 million project.
- Chesterfield Villas Assisted Living, a 121-unit independent living community in Chesterfield, Mo., proposes converting 42 existing apartments into 52 assisted living beds in a $5.3 million project.
Wartburg, HAC Plan $42 Million Affordable Senior Housing Project
Wartburg Adult Care Community and partner the Housing Action Council (HAC) are planning to add 61 units of affordable senior housing and an adult day care and rehabilitation home to its existing location in a $42 million project, reports LoHud.com.
The project is designed to create a full-service care continuum on the Wartburg’s 34-acre site, adding to the independent living, assisted living, and skilled nursing services already offered.
Friedrichs Residence will have 10 studio apartments and 51 one-bedroom apartments and is expected to cost about $11 million. The units will be reserved for those earning less than $52,000 a year.
The rehabilitation center and adult day care center is expected to cost about $31 million. There will be capacity for 120 adults to participate in the day care program, with 50 private rooms for recovering patients in the rehab center. The building will replace the current Pavilion skilled nursing center, says the article, which will be torn down in favor of a 75-car parking lot.
Developer Planning $15 Million Senior Living Project in Kansas
Developer John Dugan is planning a $15 million senior living project in Goddard, Kans., reports the Wichita Business Journal. Dove Estates would have 61 one- and two-bedroom assisted living apartments in one building, and 24 independent living units spread among four buildings on an approximately nine acre site.
Singh Development Buys Land in N.C., Planning Senior Development
Singh Development recently closed on a 13.3 acre parcel of land in Charlotte, N.C. for $3.5 million, with plans to build a senior living community, reports the Charlotte Business Journal.
Waltonwood Providence Country Club may include up to 109 independent living units and 80 assisted living beds, according to a previous Business Journal article.
The West Bloomfield, Mich.-based developer plans to break ground on the Charlotte community in February.
Construction: In the Process
VHS Breaks Ground on $7 Million Assisted Living Community in Va.
Virginia Health Services, a Virginia-based rehabilitation and retirement center operator, recently broke ground on an assisted living community in Newport News, reports Virginia Business.
The Huntington at The Newport will be a 33,000-square-foot development with 32 apartments. The new building is located on the same campus as The Newport complex, which offers convalescent and rehabilitation services. It’s VHS’s first assisting living community, according to Jeffrey Mendelsohn, president of VHS, and allows the company to provide a full range of services and a care-continuum package.
Community amenities will include a formal dining room, a media center, activity room, library, and an on-site beauty parlor. In addition to the assisted living project, the new development will also include five additional resident rehabilitation rooms and a large rehab gym at The Newport.
Newport News-based PMA Architecture designed the project, with W.M. Jordan Co., also locally headquartered, serving as general contractor.
The Huntington is scheduled to open in 2013.
Aviv REIT Completes $18 Million in Renovation Projects
Aviv REIT, Inc. recently completed three major renovation projects in Washington for a total cost of $17.9 million.
All three properties are triple-net leased to and operated by Prestige Care, Inc. for an initial lease term of five years,
The properties are located in Clarkston, Camas, and Sunnyside, Wash. and underwent significant interior and exterior renovations, including the construction of new therapy gyms.
The Clarkson renovation project cost $5.4 million, while the Camas project totaled $6.2 million and the Sunnyside renovation rang in at $6.3 million.
Azimuth Development Completes $11.3 Million N.Y. Senior Housing Center
Azimuth Development Group, Best Development, the New York City Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC) along with other partners recently celebrated the opening of an $11,305,985 affordable senior housing center in the Bronx.
Intervale Senior Residences is a 44, 270-square-foot development that has 48 rental apartments designated for low-income tenants aged 55 and older along with an additional superintendent’s unit.
The eight-story mid-rise has 13 studios, 34 one-bedroom apartments, and 1 two-bedroom apartment reserved for the superintendent. All units are handicapped-accessible and equipped with call buttons in case of an emergency. There is also an on-site, 2,200-square-foot resident community center with a large open gathering room, private office, full kitchen, and two bathrooms, as well as a landscaped rear garden. Tenants will have access to free lunch and buss services.
Ten of the units are available for residents earning no more than 40% of the area median income (AMI), while 34 units are available to those earning no more than 60% of the AMI and the remaining three for those earning no more than 50% of the AMI.
HDC, through its Low-income Affordable Marketplace Program, provided a senior loan funded with $5.66 million in tax-exempt bonds to help finance the development, allowing the project to benefit from equity generated from 4% Low Income Housing Tax Credits. HDC also provided an additional $3.12 million loan.
Raymond James Tax Credit Funds, Inc. will act as the tax credit syndicator. JP Morgan Chase provided a stand-by letter of credit. HPD, through its Low Income Rental Program, provided $262,170 in City Capital Funds and approximately $1.62 million in HOME funds. The project also got $1 million from City Capital Reso A funds.
Guido Subotovsky of Azimuth Development and Ron Schulman of Best Development were the project developers. SEBCO is the non-profit social service provider and proposed managing agent. Aufgang + Subotovsky served as project architect.