In the Pipeline: Senior Housing Construction Projects (10/6/13)

Construction: Planned

Thrive Senior Living Announces $35 Million Development of Two Communities

Atlanta-based Thrive Senior Living announced Friday plans to develop two senior living communities in South Carolina with total development costs estimated at $35 million for the two projects.

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The community in Greer, South Carolina, will feature 89-units of senior housing in a two-story building. The 65,000-square-foot development is scheduled to begin in December and finish in late 2014. 

The Greer community is just one of two projects arising from the partnership of Thrive and Pulliam Investment Company Inc., based in Spartanburg, S.C.

The second community, located in Prince Creek, will have the same building specs as the project in Greer and will include 64 assisted living units and 25 memory care units. 

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The $35 million financing for both of the projects will come from Synovus and Certus Bank.

Michigan Senior Living Community Plans to Spend $15 Million in Renovations

Friendship Village senior living community in Kalamzaoo, Michigan, plans to spend $15 million over the next two years for renovation projects, reports mlive.

A provider of independent living, assisted living and memory care, Friendship Village plans to undertake comprehensive renovations that include expanding the community’s assisted living and memory care wing, enhancements to its independent living facility, along with a new wellness and activity center. 

Construction: In process

Joint Venture Begins Construction on Minnesota Assisted Living Project

A joint venture between Titan Development and Investments and Good Neighbor Care Centers began construction on a new assisted living community in northwest Rochester, Minnesota, reports

A ceremonial groundbreaking was held last week for River Bend Assisted Living, which will feature 70 assisted living units and 18 memory care units on 81,000-square-feet.

The project is being designed by Rochester-based CRW Architects, and built by Weis Builders and financed by West Bank.

Developers Hold Grounbreaking Ceremony on $16 Million Mass. Assisted Living Community 

Developers, including Northampton, Massachusetts Mayor David J. Narkewicz, held a  groundbreaking ceremony last week on a $16 million assisted living project, MassLive reports.

The 90-unit community called Linda Manor, will feature 70 assisted living units as well as 20 units dedicated to memory care. It will be built by Massachusetts-based Chakalos Investments.

Berkshire Healthcare, which manages Linda Manor, as well as 13 other senior communities, expect the new building to be complete by fall of 2014.

Developers Break Ground on $48 Million Michigan Senior Housing Project

Developers broke ground Friday on a $48 million senior housing project in Keego Harbor, Michigan, reports West Bloomfield Patch.

Magnolia by the Lakes senior village on Cass Lake Road will consist of three buildings, one of which will be an assisted living facility. 

Another building, The Mercury building, will include renovated medical offices, a beauty salon and spa, barber shop, a bistro, French patisserie, along with more shops, according to Farideh Bagne, CEO of  Mercury Medical Systems. 

The third building will consist of 155 resort-style villas with views of Cass Lake and Sylvan Lake. 

Construction is already underway with expectations for a facility opening in 2014. 

Historic Maine Hotel to Undergo Senior Housing Makeover 

The Gerald Hotel hasn’t accommodated a guest in 76 years, however, the historic landmark in Fairfield, Maine, is currently accepting applications from seniors as part of the Gerald Senior Residence project, Kennebec Journal reports.

The $6.5 million revitalization project is on target for a November 1, 2013 completion date and hopes to begin moving residents in once construction has been completed. 

Seniors who apply for the affordable housing community must have an annual income of at least $15,000, but can earn no more than $22,380. For two person households, income must be no more than $25,560. 

The hotel has 28 units, including two two-bedroom units, however, the single bedroom units are suitable for an individual or for a couple, according to project developers. 

Monthly rents range from $500-$600 per month for single bedroom units, and $600-$700 for the two-bedroom units, depending on residents’ incomes.

Bickford Senior Living Nears Completion on Indiana Assisted Living Project

Bickford Senior Living has planned an October 14 opening for its $4.5 million assisted living project in Crown Point, Indiana, reports

The community, located on the northeast corner of Broadway and 107th Avenue, will contain 42 assisted living apartments and 16 memory care units.

The development’s opening follows news of a planned Culver’s restaurant in the nearby area, as well as proposed plans for a 6,000-square-foot medical office building in the town’s Beacon Hill commercial development. 

Written by Jason Oliva

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