A developer of senior housing luxury communities received approval this week for a $50 million bond to be used to construct an affordable senior housing community in Tennessee.
Oklahoma City-based WholeLife Companies received final approval on Monday from the Public Finance Authority (PFA) to build a trademark WholeLife Traditions community in Chattanooga, TN.
The community, which will be designed for active adults, consists of 100 to 150 single-level residences, ranging in size from 1,500- to 2,000-square-feet.
Each of the units are designed with the look and feel of traditional houses appropriate to the surrounding community, complete with landscaping, sidewalks and streetlights.
The community also includes an expansive and functional WholeLife Club as a focal point for neighborhood gatherings and events. The space will also house a fitness center, swimming pool, fame room and community concierge services.
PFA is a government entity established to issue tax-exempt conduit bonds for public and private entities nationwide. The agency unanimously approved to finance the eligible costs of the acquisition, construction, installation and equipping of a WholeLife Traditions senior living community in Hamilton County, TN.
“We are thankful to PFA and all those involved, and very excited to begin this project, bringing this great active adult community to Chattanooga,” said John B. Lowery, founder and CEO of the WholeLife Companies.
In addition to the Chattanooga community, WholeLife plans to open future communities in the Texas areas of Houston, Austin and Dallas as well as Atlanta; Branson, Missouri; Pigeon Forge, Tennessee; and Oklahoma City, Oklahoma.
The Weitz Company, an ENR top-400 commercial construction company, has been selected to build the Chattanooga project, while nonprofit Samaritan Housing will own the community.
Written by Jason Oliva