In the Pipeline: Senior Housing Construction Projects (12/5/13)

Construction: Planned

Isakson Living Resubmits Rezoning Proposal for $200M Project

Isakson Living resubmitted a rezoning request for a senior living community in Cobb County, Georgia, after withdrawing its initial request earlier this year due to mounting opposition to the proposed development, reports The Marietta Daily Journal.

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Original project plans would have included building the $200 million senior development near East Cobb Park, featuring 837 independent living units and 150 “health care units.”

The new plan reduces the number of housing units from 987 to 843 total units, comprising of 749 independent living units and 94 health care units with one-, two- and three-bedroom homes for seniors age 62 and older.

Floor plans in the new proposal are expected to range from 900 to 2,500-square-feet. 

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The earliest the Cobb Planning Commission would consider a vote on Isakson’s rezoning request is February. 

$50 Million Mixed-Use Development to Include Senior Housing

Project plans for a $50 million mixed-use development also looks to include senior housing on the east side of Ford Lake in Ypsilanti Township, Michigan, reports Crain’s Detroit Business.

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Senior housing would be located on a 14-15 acre parcel, with the mixed-use development that includes 600 apartment units, commercial and restaurant space taking up a 90-acre parcel. Developers are also planning to include a 27-hole disc golf course on the property.

Owner of the Lake Shore Apartments, Newport Beach, California-based Delaware Lake Shore LP, says the first phase of construction could begin by the end of next year.

Cedar Rapids Backs Proposals for Four Senior Housing Projects

The Cedar Rapids City Council on Tuesday backed seven proposals to build affordable housing, four of which are senior housing, reports local news outlet KCRG.

One of the proposals includes the renovation of a historic apartment building to include 84 units of senior housing, called Commonwealth Senior Apartments. Indianapolis-based TWG Development and Chicago-based Landover Development are the developers behind the project.

Another proposal is for Sonoma Square, which will be 48 senior housing located at Ellis Boulevard NW and J Avenue NW. High Development, headquartered in Cedar Rapids, is tackling this development. 

Neighborhood Development Corp. of Cedar Rapids and MetroPlains LLC based in St. Paul, Minnesota, are developing the Second Avenue Senior Apartments proposals, which will include 30 units of senior housing. 

Cincinnati-based Miller-Valentine Group will build the fourth senior housing proposal in Cedar Rapids. The Cypress Senior Residence will feature 51 units of senior housing at 12th Avenue SW and Jacolyn Drive SW. 

The total cost to build all of the projects, totaling 320 residential units, is $52.9 million. The Iowa Finance Authority will make tax-credit awards for the projects in the spring. 

Presbyterian Home Proposes a New CCRC in Bel Air, MD

Faith-based nonprofit Presbyterian Home of Maryland plans to develop a continuing care retirement community (CCRC) in Bel Air, MD, reports The Baltimore Sun.

The CCRC would be the first for Maryland’s Hartford County and would feature 700 units on a 58-acre development site.

Phase one of construction looks to include about 200 units in a mix of independent, assisted living and skilled nursing apartments, according to an attorney affiliated with Presbyterian Home of Maryland in The Baltimore Sun article.

A community meeting will be held Monday to discuss a number of different approvals required for the project.

Construction: In process

The Waters Senior Living to Open New Community in Minnesota

Minnetonka-based The Waters Senior Living will operate and manage a 175-unit community that will open in late 2014 in Rochester, Minnesota. 

Charlotte, North Carolina-based Grandbridge Real Estate Capital LLC recently closed a $27.8 million first mortgage construction loan on The Waters on Mayowood project. 

Located near the renown Mayo Clinic, The Waters on Mayowood will include 70 assisted living units and six enhanced care suites within a four-story building encompassing 276,000-square-feet. A four-story independent living wing with 71 units and a two-story memory care wing with 28 units will also be included within the community.

Amenities include a dining room, wellbeing center, day spa, library, creative arts studio, club room with golf simulator and a spiritual center that will host a variety of wellbeing-focused activities, programs and services. 

Sagora Senior Living Breaks Ground on New Texas Community

Fort Worth, Texas-based operator Sagora Senior Living and The Covenant Group broke ground this week on a new senior community in Westworth Village, Texas. 

The Westmore community will accommodate 137 residents in 74 assisted living units, 40 independent living units and 23 memory care units. The community will also feature Care Complete, an enhanced assisted living care program, according to a release from Sagora Senior Living. 

The parent company, The Covenant Group, currently owns and operates 14 independent and assisted living communities in Texas, Oklahoma, Alabama and Florida. 

The Westmore is expected to open in the summer of 2014. 

Construction: Completed

Historic Mississippi Apartments Transformed into Senior Housing

Non-profit organization the National Development Council announced Wednesday the completion of Aeolian Senior Housing Development in Vicksburg, Mississippi. 

The project is the result of the acquisition and rehabilitation of Aeolian Apartments, a historic four-story building featuring 60 units. The rehabbed building has 48 one-bedroom/one bath units with 700-square-feet and 12 two-bedroom/one bath units of 730-square-feet. 

Better Mississippians will provide support services to the building’s residents at no extra cost.

In addition to low income housing credits, the property has also received federal historic credits and state credits. 

Written by Jason Oliva

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