Costly building improvements is forcing Emeritus Corp. (NYSE: ESC) to close one of its outdated properties in Texas.
Emeritus at Vickery Towers, located in the Dallas-Fort Worth area, will close its doors on July 15, according to a statement from Summer Hammerle, regional director of operations at Emeritus.
The community was first constructed in 1968, before it carried the name Vickery Towers, a company spokeswoman told SHN in an email. Other buildings on campus were built at later dates and the community adopted the name it is today more than 15 years ago, she added.
The company cited the number of required updates needed for the 277-unit building’s old structure was the greatest influencer constituting to the decision to close the community, which offers independent living, assisted living and memory care.
“Emeritus Senior Living always seeks to invest in and improve our communities,” stated Hammerle. “Improvements come with required building code updates and, since Vickery Towers was constructed long ago, some upgrades are simply not practical. This reason has led us to the decision that the community should be closed and the property used for an alternate purpose.”
As the community prepares to close over the next several months, Emeritus says it is working to find alternate living arrangements for its 246 residents and assist its employees in finding new jobs at other Emeritus or non-Emeritus communities.
“Most residents moving to other Emeritus communities will have little or no change in monthly expenses and we will pay for their moving services,” Hammerle stated. “We are optimistic other senior living companies will extend the same courtesy.”
Employees who cannot be placed will receive severance packages based on years of service, according to the statement.
“We have enjoyed serving our residents and families for the past 12 years and will work diligently with all affected individuals to ensure a safe and comfortable transition to a new living or employment situation,” stated Hammerle.
Recommended SHN+ Exclusives
Even with the closing of Vickery Towers, Emeritus still maintains a presence in the Dallas-Fort Worth metroplex, with 15 other communities in the area.
In February, Emeritus announced it would merge with Brookdale Senior Living (NYSE: BKD) in a deal valued at $2.8 billion.
As a result, the combined entity forms the largest senior living provider in the nation as a result in terms of resident capacity, comprising a total of about 112,000 residents.
Since the merger will not finalize until the third quarter of this year, it will not affect Vickery Towers, the aforementioned Emeritus spokeswoman told SHN via email.
Written by Jason Oliva