Big Rock Partners Closes Land Purchase for $60 Million Fla. Project
Big Rock Partners
Type: New Construction
Location: Celebration, FL
Funding: 60 million
#of Beds: 225
Construction start date: First Quarter 2015
Los Angeles, Calif.-based real estate investment management and development firm Big Rock Partners has closed on a nine-acre land purchase from The Celebration Company to launch the construction of a $60 million senior living rental development within the Celebration, Fla. community in first quarter 2015.
Sabra Health Care REIT (NASDAQ: SBRA) provided Big Rock Partners with $4.5 million financing for the land transaction and anticipates providing additional financing for construction.
The community will offer independent, assisted living and memory care services across its 225 rental residences.
With completion projected for mid-2016, Big Rock has teamed with several project partners to build the community, including Perkins Eastman and Walker & Dunlop, who served as finance advisor.
Upon completion, the community will be managed by Life Care Services.
Developers Plan 289-Unit Senior Living Community in Seattle
Company: AVS Communities
Type: New Construction
Location: SeaTac, WA
#of Beds: 289
Construction start date: Summer 2016
Newport Beach, Calif.-based AVS Communities plans to build a 289-unit senior living apartment complex in SeaTac, Washington, reports local Puget Sound Business Journal.
Construction on the Reserve at SeaTac is scheduled to begin early next year and be complete in the summer of 2016.
AVS has been developing “amenity rich, affordable housing options for seniors” on the West Coast and in Missouri for more than two decades. In Washington, the company has properties in Bellingham, Mount Vernon, Everett, Spokane, Silverdale and Tacoma.
The Reserve at SeaTac is just one of several developments planned for the area near Seattle-Tacoma International Airport. Other projects include a 1.2 million-square-foot office, retail and conference hotel project, as well as a $382.2 million light rail extension south of Sea-Tac Airport.
Developers Plan $7 Million Senior Living Project for Bristol, Va.
Developers in Bristol, Va., are planning to build a $7 million assisted living community on a parcel of vacant land in the city’s Dale Gordon Business Park, reports local TriCities.com.
Dubbing their project Oakmont at Gordon Park, project partners Blair Jones and J.J. Gillenwater of Albatross Group envision a 69-bed private-pay assisted living facility, with plans to also purchase the remaining 16 acres in the business park.
The project was announced Friday during a meeting of the Bristol Virginia City Council and Industrial Development Authority, which approved a $100,000 performance agreement if the project meets a series of requirements.
The project site must still receive a special exemption permit and be rezoned to accommodate the proposed usage before construction can begin—all steps that could be completed by year’s end leading to a projected open in fall 2015, according to the report.
Beloit Senior Living Proposes Assisted Living Project for Wisc.
Wisconsin-based Beloit Senior Living, LLC, has proposed to build a new assisted living facility on Beloit’s (Wisc.) East Side, reports Beloit Daily News.
The lot Beloit seeks is vacant, but was approved for an family apartment complex consisting of 14 four-unit buildings, however, that was a decade ago, the report notes.
Beloit is proposing to change the Planned Unit Development that will replace the 56 multi-unity facility with a residential care apartment complex, a community-based residential facility and shared administration, common and kitchen areas, according to the proposal from the company.
The project would also be built in phases, Beloit said.
Construction: In process
Spectrum Retirement Communities Underway on Ohio Assisted Living Project
Denver-based Spectrum Retirement Communities is currently underway on construction for a new assisted living and memory care community in Columbus, Ohio.
Hilliard Assisted Living & Memory Care is set to open in late 2015, providing housing for 100 residences within its two-story, 87,000-square-foot community.
Hilliard’s Transitional Memory Care program, unique to SPectrum communities, will be offered at the community, as well as a variety of other amenities.
Catamount Constructors is general contractor for the project, which was designed by architectural firm Gastinger Walker Harden + BeeTriplett Buck + Kincaid Malone.
BeeHive Homes Opens New Assisted Living Community in Utah
BeeHive Homes, a Boise, Ida.-based senior living operator, has opened its newest assisted living community in Park City, Utah, following a ribbon-cutting ceremony last week, reports ParkRecord Business.
The company, which operates facilities in 17 states, offers a 16-bedroom home along with on-site services at the Park City location. A team of 13 full-time certified nursing assistants provide 24-hour care to residents within the small home, including assistance with activities of daily living.
BeeHive Homes of Park City also provides residents access to a hair salon and physical therapy room within the community’s single-level home structure.
Written by Jason Oliva
Companies featured in this article:
Albatross Group, AVS Communities, BeeHive Homes, Beloit Senior Living, Big Rock Partners, Catamount Constructors, Gastinger Walker Harden + BeeTriplett Buck + Kincaid Malone, Life Care Services, Perkins Eastman, Sabra Health Care REIT, Spectrum Retirement Communities, Walker & Dunlop