In the Pipeline: Senior Housing Construction Projects (1/2/14)

Construction: Planned

Virginia Nonprofit Plans $8 Million Assisted Living Community for 2015

A Virginia-based nonprofit plans to spearhead development for a new, $8 million assisted living community to be located in Bowling Green, Va., reports

The nonprofit organization Caroline Cares, of Caroline County, won a $40,000 grant last year from the Virginia Department of Housing and Community Development to perform a market study in the area.

The study revealed that the age-65 and older population of the Caroline and King George Counties, including the towns of Bowling Green and Port Royal, is projected to grow 15.3% by 2015.

Recently, the Bowling Green Town Council approved a special use permit for the 24-acre land where the planned community will be located.

Officials close to the project say the next step is to secure additional financing and begin looking at contractors to build the facility. 

Caroline Cares is currently looking for partners such as the American Association of Retired Persons and local churches to aid its development.  

Proposed N.Y. Assisted Living Project Receives $44 Million Bond Financing

Farmingville, New York-based Brookhave Industrial Development Agency Monday approved $44 million in tax-exempt bonds to help finance a proposed assisted living community in Lake Grove, N.Y., reports Long Island Newsday.

The community, BK at Lake Grove, will be one of three Bristal assisted living communities proposed in Brookhaven, according to town officials referenced in the article.  

Project plans for BK at Lake Grove detail a 136-unit development in 120,000-square-feet situated on 6.2 acres. 

Construction is expected to cost $40 million, according to the report.  

Missouri Retirement Community to Undergo Assisted Living Transformation

A retirement community in Warrenton, Missouri, will be converted into a 65-bed assisted living community, pending approval from state health regulators, reports St. Louis Business Journal.

Warrenton ClearPath Property Investment LLC, based in St. Louis, will spend $4.75 million to upgrade the 34,000-square-foot building. This amount also includes the cost to acquire the property from the Warrenton Retirement Center LLC.

Upgrades include a combination of one-bedroom, two-bedroom and studio units offered on a monthly basis with no buy-in required.

ClearPath Property will be the owner of the facility and will lease the building to Warrenton Missouri Assisted Living Operating Company, which will serve as the licensed operator. 

Provision Living LLC will then manage the facility, according to the article. Based in St. Louis, Provision Living manages 25 assisted living communities in 10 states. 

If granted approval from state health regulators, the project’s expected completion date is the first quarter of 2015.

Second Affordable Senior Housing Project Coming to Georgia

The Georgia Department of Community Affairs (GDCA) will help fund the development of a second affordable senior housing project to be located in Acworth, reports The Marietta Daily Journal.

The GDCA will provide about $9 million low-income housing tax credits toward the funding of the $13 million, 100-unit senior apartment complex on the site of a former government housing project that was razed in 2011.

The development is a public-private partnership between the Marietta Housing Authority, who will be subsidizing half of the complex’s units, and Cobb-based Walton Communities, which has a 15-year contract to manage the apartment community upon completion.

Construction is expected to begin in early 2014 and completed in 2015.

The Walton developments are quoted as being the “Ritz Carlton living of Acworth,” said City Mayor Tommy Allegood in the article.

Construction: In process 

Insignia Senior Living Breaks Ground in Georgia 

Insignia Senior Living announced Thursday the groundbreaking of a 64-unit assisted living community in Alpharetta, Georgia.

The 60,000-square-foot community will complement and expand the existing 32-unit Tapestry House Assisted Living Community located in the same address at 2725 Holcomb Bridge Road.

Founded in 2002, Insignia Senior Living owns and operates assisted living and memory care communities across Georgia, Florida and Puerto Rico. 

Insignia expects the new building will be ready for occupancy in September 2014.

Wisconsin Developers Break Ground on Mixed-Use Development 

Milwaukee-based Plunkett Raysich Architects (PRA), LLP, announced Thursday that it recently broke ground on a new mixed-use development in Green Bay, Wisconsin.

The 132,000-square-foot project, CityDeck Commons, will feature 76 luxury apartment units and 7,000-square-foot of retail/commercial space. The project also includes a 3,600-square-foot resident rooftop terrace. 

The CityDeck project is also part of a city-wide effort to redevelop downtown Green Bay, according to a release from PRA.

“Reclaiming this waterfront brown field site in the center of Green Bay provides a key residential component that this changing, vibrant area wants and needs,” said Kik Keller, AIA, NCARB, project manager at PRA. 

The architectural firm is working with T. Wall Properties, a Madison, Wisconsin-based developer on the project. 

Developers expect to complete construction by fall 2014.

Written by Jason Oliva

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