In the Pipeline: Senior Housing Construction Projects (9/25/14)

Construction: Planned

HCP Seeks $108 Million Redevelopment for Mixed-Use, MOB Project

HCP, Inc. plans to purchase an aging assisted living tower in Fort Worth, Texas and redevelop it into apartments, retail, medical office and parking, reports Forth Worth Business Press.

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The Irvine, Calif.-based real estate investment  trust (REIT) is seeking $3.9 million in reimbursement for infrastructure costs from the Southside tax increment finance district. Excluding land, the total project value is estimated at $108.7 million, according to FWBP

HCP would replace the 12-story, 282,000-square-foot Westchester tower with a six-story mixed-use building that would feature ground floor retail and 300 apartments; an eight- to 10-story medical office building (MOB) and a seven-level parking garage.

Rough dimensions for the mixed-use building would be about 300,000-square-feet, while the MOB would be about 200,000-square-feet.

VLK Architects of Fort Worth, the Transwestern real estate services firm and Balfour Beatty Construction (also of Fort Worth) are working with HCP on the project.

Kisco Senior Living Announces Expansion Plans for Fla. CCRC

Carlsbad, Calif.-based Kisco Senior Living this week announced plans to expand the residential accommodations at La Posada, a CCRC in Palm Beach Gardens. 

A now-vacant one-acre land parcel on the community’s West end will be developed for up to 54 assisted living apartment homes in studio, one- and two-bedroom options. 

The one- and two-bedroom homes are designed to include a full kitchen, spacious bedrooms and bathrooms, as well as lake-front bedroom windows.

A second bridge is planned to connect the banks of the lake to promote the walkability of the area, and a planned dining room and separate pub is also to be included. 

Kisco plans to begin construction of the apartment homes toward the end of 2015.

Currently, La Posada is situated on 22 acres located near the PGA National Resort and Spa. The community includes 182 independent living residences, 11 villas and full continuum of care with 30 assisted living and 18 memory care apartments, along with 40 Medicare-certified private skilled nursing suites.

Trilogy Health Services Planning Indiana Senior Living Facility

Louisville, Ky.-based Trilogy Health Services is planning a new senior living facility in Corydon, Ind. that could open come 2016, reports The Courier Journal

The Harrison County Economic Development Corporation approved a letter of intent from Trilogy earlier this month to purchase over 11 acres of land near Harrison County Hospital. 

Trilogy, which operates eight facilities in Kentucky and 49 in Indiana, is looking to finalize the agreement and move forward, said Assistant Vice President of Communications and Creative Services Leslie Knox in the article. 

While the company awaits approvals, it plans to break ground early next year on the senior living facility, which it estimates could run between $9 million and $12 million, including the purchase of land.

Construction: In process

Watercrest Senior Living Group Breaks Ground in Fla.

Watercrest Senior Living Group, a developer and operator based in Vero Beach, Fla., along with its joint venture partner Index International AB of Sweden, broke ground last week on a new 80-unit assisted living and memory care community in Lake Nona, Fla.

Located in the 7,000-acre master-designed community of Lake Nona, the project, dubbed Watercrest of Lake Nona Assisted Living and Memory Care Community, will be a 76,000-square-foot development featuring luxurious residents and resort-style offerings, Watercrest said in a release. 

Unit breakdown for the community comprises 56 assisted living and 24 memory care apartments. Amenities include spa services, fine dining, as well as private label wines, locally grown organic fare, cultural programs and distinctive outings and activities, according to Watercrest.

Structural features for Watercrest of Lake Nona will include a promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies and other outdoor living spaces.

The community, which also sits adjacent to the 600-acre Lake Nona Golf & Country Club, is expected to open in the fall of 2015.

Cardinal Ventures Announces Development of The Blake at Oxford

Ridgeland, Miss.-based developer Cardinal Ventures, Inc., announced this week the development of The Blake at Oxford assisted living and memory care community in Oxford, Miss. 

Estimated at $15 million in turn-key development costs, the 100-unit, 85,000-square-foot community will be the newest addition to Blake Management Group’s portfolio.

Cardinal Ventures broke ground on The Blake at Oxford in August with a slated opening date of fall 2015. 

Upon completion, the community will offer both fine and casual dining, salon services, outpatient therapy, a theater room, activity room and outdoor activity courts and courtyards. Resident suites will offer flexible floor plans, kitchenettes, courtyard views, Juliet balconies and individual climate controls. 

Operations of The Blake at Oxford will be managed by Blake Management Group. The architect for the project is Jackson, Miss.-based Young, Wier+Boerner Architecture.

Construction: Completed

Perkins Eastman Celebrates Opening of Tulsa Jewish Retirement Health Center

Tulsa Jewish Retirement & Health Center in Tulsa, Oklahoma, last week cut the ceremonial ribbon to mark the opening and completion of extensive renovations, as well as expansions, to its continuum of care community. 

Designed by Perkins Eastman, the “crown-jewel” of the 2.5 year project is the community’s brand new Scott F. Zarrow Center, which will become the Tulsa intergenerational community’s new central gathering space, including an open floor plan with lobby, café, multi-purpose took and expansive views. 

In addition to the Town Center, Tulsa Jewish also unveiled a newly renovated Comprehensive Care Center, which refreshes the community’s previous institutional layout into a more resident-centered household model. 

The community’s assisted living segment also received an overhaul as well, replete with new furnishings and interior design features. Sustainable design elements also incorporated into the building’s renovations include high performance glazing, reflective roofing with deep overhangs and sunshades, and interior finishes that meet low-VOC specifications. 

Oakmont Senior Living Opens Luxury Calf. Community

Santa Rosa, Calf.-based Oakmont Senior Living last week opened the doors to its newest development, a 73,000-square-foot, luxury retirement community for active seniors in Carmichael, Calif.

The two-story community houses 50 assisted living and 21 memory care apartments in several floor plan options, which are outfitted with luxury elements such as 10-foot ceilings, crown molding and spacious bathrooms. 

Amenities include gourmet dining, on and off-site recreational activities, a library, movie theater, full-size fitness center with exercise classes, activity rooms, salon and day spa, a flower and vegetable garden, walking paths, pet park, chauffeured transportation and concierge services. 

Upon opening, more than 75% of the community’s apartment homes had been reserved. 

Written by Jason Oliva

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