Developer Plans $79 Million New Mexico CCRC
Colorado-based developer GlobalWorks plans to build a $79 million continuing care retirement community (CCRC) in Bloomfield, New Mexico, reports The Daily Times of Farmington, NM.
The 18-acre project called WaterFall Living Community would feature 253 residences that include a mix of independent living, assisted living and hospice care. Seniors that require skilled nursing will also be able to receive such services at the community.
Plans call for 150 assisted living units in a four-story, 148,000-square-foot facility; 60 “semi-assisted” apartment units; and 43 independent duplex and triplex units.
The assisted living facility would be built as part of the project’s first phase, with the independent living units and apartments to follow in subsequent phases, according to developers.
Florida CCRC Announces Redevelopment Plan
Vi at Bentley Village, a continuing care retirement community (CCRC) in Naples, Florida, announced it is working towards the planned redevelopment of the community.
Redevelopment for the 156-acre campus includes a standalone sales center to be completed in 2014, which includes renovations to existing facilities, new clubhouses and additional independent living apartments.
The new clubhouse will feature new dining venues, a bar and lounge, living room, library, car room, theater and multi-purpose area.
Plans for a second clubhouse include a comprehensive fitness center and aerobics room, plus a beauty salon and spa along with a new casual dining venue.
For these enhancements to the already existing community, Vi Retirement Communities anticipates breaking ground in 2015.
Upscale Senior Housing Complex Awaits Approval in Minnesota
A proposed $34 million luxury senior living community is headed for final approval from the Maple Grove City Council in Minnesota, reports the Star Tribune.
The 259,000-square-foot project, SilverCreek on Main, is a 182 independent, assisted living and memory care apartment community in the Arbor Lakes retail district of Maple Grove.
The four-story building will include a 10,000-square-foot fitness center, and will be located in walking distance to a community center, library, stores and a future 20-acre park to begin development this fall.
Having won unanimous support from the Maple Grove Planning Commission, city officials believe SilverCreek on Main will fulfill a definite need for the area’s aging senior population.
The project could open as early as December 2014, according to the Star Tribune, and will primarily serve seniors age 75 and older, however, the community will be able to expand to 65-year-olds as the baby boomer generation ages.
Construction: In Process
Cottonwood Place Senior Living Breaks Ground on New Community
Cottonwood Place Senior Living in Holladay, Utah, recently broke ground on a new assisted living and memory care community.
The new community, located at 5600 South Highland Drive, is a 127,733-square-foot, two-story building designed in part by Sahara Construction and Beecher Walker Architects.
The project is owned by Dave Farrell, an independent developer of assisted living and memory care communities in California and Utah.
Integral Senior Living will manage the new Cottonwood community.
Phase II of Detroit Construction Project Includes Senior Housing
Redevelopment of Detroit’s Rivertown Neighborhood has begun construction on Phase II of $7.5 million, 49,000-square-foot, independent senior living community.
The project, spearheaded by nonprofits Presbyterian Villages of Michigan (PVM) and United Methodist Retirement Communities (UMRC), will include 50 one bedroom, affordable apartments for seniors age 62 and older who meet the Department of Housing and Urban Development’s (HUD) low income requirements.
Phase II of the project is being built just eat of the $27.5 million Phase I development that opened in April of this year, in partnership with Henry Ford Health System and the Center For Senior Independence.
Funding for the second phase came from further support from HUD, the Michigan State Housing Development Authority, Wayne County, City of Detroit HOME funds, low income housing tax credits, and the partners’ own equity.
The project is expected to open in the summer of 2014.
Alliance Community Breaks Ground on New Assisted Living Project
Alliance Community for Retirement Living, a Florida nonprofit organization, broke ground last week on a new assisted living community in DeLand, Fla.
The Groves, which marks the start of a multi-phase expansion to Alliance’s assisted living facilities, will be a 14-unit assisted living facility with private suites designed to create a “home-like” atmosphere, according to a company release.
In addition to the private suites, the 11,348-square-foot building will include a dining area, plus gathering spaces for resident activities such as classes, arts and crafts, and social activities.
The Groves was designed by HHCP Architects, Inc. and will be constructed by Pinkerton & Laws, Inc., both headquartered in Orlando.
Construction is expected to be completed by December 2013 and advance reservations are already being accepted.
Construction Begins on Mass. Affordable Senior Housing
Construction has begun on The Coolidge, a 64-unit affordable housing complex for seniors in Sudbury, Massachusetts, reports Boston.com.
Though the project is owned by CCC Post Road Limited Partnership, it will be controlled by Brighton-based B’nai B’rith Housing, a nonprofit developer that aims to create affordable housing in underserved Boston suburban communities.
The $16.7 million project will be financed by Bank of America/Merrill Lynch, with roughly $10.7 million of private equity raised in connection to an award of federal and state tax low-income housing credits through the Commonwealth of Massachusetts’ Executive Office of Housing and Economic Development.
The Coolidge’s first residents are expected to move in mid-2014.
Former School Converted into Senior Housing Development
A former school in Fort Wayne, Indiana, has been transformed into affordable housing for seniors, reports the Journal Gazette.
Ryker Reserve, the $9.4 million affordable living complex for seniors, held its grand opening last week.
Keller Development, a local developer, helped to convert the former Keystone School on Laverne Avenue into 20 homes and a separate, two-story 45-unit residence building.
Ryker Reserve will offer maintenance-free living and numerous senior-related services, according to the Gazette article.
Amenities include two community rooms with televisions and kitchens, an exercise area, computer room, indoor walking path as well as a number of outdoor features such as a gazebo, picnic tables, outdoor fitness station and a rain garden located within the courtier between the two buildings.
LTC Announces Opening of Memory Care Property
LTC Properties, Inc. (NYSE: LTC) announced today the completion and opening of a 60-unit memory care community in Littleton, Colorado, according to a release from the company.
Development costs were $9.8 million for the new property, which opened July 15, 2013 with cash deposits from 43 potential residents.
The property is leased to affiliates of Anthem Memory Care under a 10-year lease with four 5-year renewal options. Cash rent will begin on November 1, 2013 at an initial cash yield of 9.25% and increased 2.5% annually.
Written by Jason Oliva
Companies featured in this article:
Alliance Community for Retirement Living, Anthem Memory Care, B'nai B'rith Housing, CCC Post Road Limited Partnership, Cottonwood Place Senior Living, GlobalWorks, HHCP Architects, Integral Senior Living, Keller Development, LTC Properties Inc., Pinkerton & Laws Inc., Presbyterian Villages of Michigan, SilverCreek on Main, United Methodist Retirement Communities, Vi Retirement Communities