Big Rock Partners, Millennium Real Estate Group Plan $25 Million Community
Big Rock Partners, a national real estate investment management and development firm based in Beverly Hills, Calif., and its joint venture partner Millennium Real Estate Group, of Port Royal, S.C., this week announced plans to begin construction next year on a $25 million upscale senior living rental community in Port Royal.
The development, which will break ground early 2016, will sit minutes from Hilton Head Island in South Carolina’s Lowcountry region, an area with growing demand for senior housing, according to Richard Ackerman, senior managing partner of Big Rock Partners.
“Demand for fresh senior living options is strong as the growing economy brings retirees and tourists to the Lowcountry and resort islands,” Ackerman said in a written statement. “We’re pleased to team with Millennium Real Estate Group to create the Port Royal/Beaufort area’s first new senior living rental community in over 15 years.”
The new community will offer independent, assisted living and memory care services, along with a host of amenities on its seven-acre, live-oak studded site in central Port Royal.
The location is part of a 50-acre property purchased by Millennium Real Estate Group and developed with components including The Preserve luxury apartments, Port Royal Center and the Duke Medicine-affiliated Keyserling Cancer Center.
With eyes set on a completion by early 2017, the joint venture partners have assembled a team to design, market and operate the Port Royal community, which includes Winston-Salem-based CJMW Architecture and Life Care Services, an LCS company.
CJMW’s designs include 126 rental residences comprised of 60 independent living and 45 assisted living apartments, plus a 21-unit memory care section.
On-site amenities will include a fitness center and a range of dining options, including a bistro-style cafe. Additional plans call for exterior features at the community such as garden areas and walkable pathways across the grounds.
Big Rock Partners and Millennium Real Estate Group expect to complete design by this fall and to have sitework underway by first quarter 2016.
ACTS Retirement Life Communities Planning $300 Million of CCRC Development
West Point, Pa.-based ACTS Retirement-Life Communities, Inc. is in the midst of a multi-year plan to renovate and reposition its retirement communities, expecting to spend a total of approximately $300 million over the next three years, the company announced Tuesday.
In the Philadelphia suburbs specifically, ACTS is planning $120 million in upgrades at its eight continuing care retirement communities (CCRCs) in Bucks, Delaware and Montgomery counties.
Among the larger projects is Granite Farms Estates in Media, Delaware County, which is undergoing several enhancements over a 36-month period totaling approximately $40 million. The upgrades include a new bistro cafe, fitness center, heated indoor pool and larger independent living apartments.
“The next wave of seniors who will be moving into our communities have different expectations not just in activities they prefer but how they want to live,” said Mark Vanderbeck, ACTS CEO. “The retirement communities that will thrive in the future will offer greater choice, flexibility, and customization that the next generation of retirees will demand.”
ACTS’ development activities extend to other areas throughout the east coast where the company has existing campuses. Funding will primarily derive from operating capital, tax-exempt financing and fundraising, ACTS said in a release.
Plans in the Works for $21 Million Community in St. Louis
TLG Bellevue Partners LLC plans to build a new assisted living community near SSM St. Mary’s Health Center in Richmond Heights, Mo., reports St. Louis Business Journal.
The four-story facility, The Bellevue at St. Mary’s Senior Living, is expected to cost about $21 million and will be designed by The Lawrence Group, who is listed as the architect on the project.
Lawrence Group Integrated Services, the company’s construction management branch, will serve as general contractor for the 78,450 sq. ft. facility.
At 88 total beds, the community will comprise three independent apartments, 64 assisted living beds and 21 memory care units.
The project has received architectural approval and is now beginning the certificate of need process with the Missouri Health Facilities Review Board—a process expected to last through July.
A decision has not yet been made on who will finance the project.
Leo Brown Group Plans $17 Million Assisted Living Complex in Ind.
Carmel, Ind.-based Leo Brown Group plans to build a $17 million senior living complex in Clarksville, reports Louisville Business First.
Traditions at Hunter Station is expected to begin construction in June, with the development likely to open for resident move-in by summer 2016.
The assisted living complex at the community will encompass 60,000 sq. ft., while garden homes on the campus will have about 10,300 sq. ft. and a one-care garage, according to project plans submitted to the Town of Clarksville.
Traditions will be Leo Brown Group’s second facility in the area, following the $19 million development, Traditions at Beaumont, the company announced last year near Fern Creek.
Construction: In process
LCB Senior Living Celebrates Dedication of Mass. Community
Norwood, Mass.-based LCB Senior Living earlier this month celebrated the dedication for The Residence at Valley Farm, an 80-apartment independent, assisted living and memory care community for seniors in Ashland, Mass.
Located in the heart of Ashland, The Residence at Valley Farm will feature a host of amenities and services, including an on-site gourmet restaurant that will allow residents to dine on their own schedules, comfortable living rooms and a library, media room, recreation facilities, outdoor sitting and walking areas, and many others. The community is also located near shopping, houses or worship and other nearby attractions.
“Ashland is a wonderful location for us,” said LCB Chief Executive Officer Michael S. Stoller in a written statement. “The combination of natural beauty and access to all of the wonderful resources that the area has to offer is truly unparalleled.”
Independent living residents at the community will have their own apartment with kitchenette and bath, three gourmet meals prepped and served restaurant-style, laundry and cleaning services, a full activities program, building and grounds maintenance and a host of optional services.
Assisted living residents will share all of the above amenities, along with assistance with activities of daily living, while memory care residents will be able to access LCB’s Reflections Memory Care services, which offers a secure environment with its own common areas, walking courtyard and other amenities.
The Residence is currently in lease-up and is scheduled to open later this year. Construction was funded by Berkshire Capital Partners, Prudential and M&T Bank.
PDC Capital Bringing New SummerPlace EB-5 Project to Fla.
Costa Mesa, Calif.-based private equity firm PDC Capital Group is bringing another EB-5 funded project on-line through its SummerPlace Development subsidiary, the company announced this week.
Specializing in EB-5 projects, a funding source also known as the “Immigrant Investor Program,” PDC Capital Group will bring its latest project, SummerPlace at Correll Palms, to Titusville, Fla.
SummerPlace at Correll Palms will house memory care and assisted/independent living in two separate wings. Common spaces within the community will feature dining rooms, an activities room, beauty parlor and library.
The location of the development, which sits across the Indian River from the Kennedy Space Center—and also across from Parrish Medical Center—has been identified by the Bureau of Labor Market Statistics as a Targeted Employment Area (TEA) under the provisions of the EB-5 program, which allows foreign nationals to apply for permanent residency in the U.S. in exchange for investing in a U.S. business.
Each investment under the program’s guidelines is required to generate at least 10 jobs. Generally, the minimum qualifying investment is $1 million, but may be lowered to $500,000 if the EB-5 project is developed in a TEA where unemployment is higher than the average.
Through its SummerPlace Development subsidiary, PDC Capital Group is currently developing 25 assisted living and memory care residences in Calif., Fla., Ariz. and other states.
Senior Living Communities Begins Expansion of Cascades Verdae CCRC
Charlotte, N.C.-based Senior Living Communities officially celebrated the start of construction earlier this month for a 40-villa apartment expansion at Cascades Verdae, a CCRC in Greenville, S.C.
The luxury apartments, better known as Reedy House at Cascades Verdae, are slated to be complete by summer 2016.
Reedy House will be an expansion to the community’s independent living neighborhood, adding 40 units, along with over 7,000 sq. ft. of heated and air conditioned space, as well as underground parking. The addition will have one-, two- and three-bedroom villas.
Heading up construction for the expansion is Greenville-based Triangle Construction Company, Inc. Senior Living Communities also worked with Winston-Salem, N.C.-based CJMW Architecture on the Reedy House project.
Since its inception in 2005, Cascades Verdae has offered luxury retirement options to the Greenville area, boasting an array of amenities including a movie theater, state-of-the-art wellness facilities, executive chef-prepared dining and wooded walking trails along the campus grounds.
“We have been looking forward to this day for quite a while,” said Cascades Verdae Executive Director Andy Clements in a written statement. “It is an important step in finally fulfilling the phase one construction of Cascades and completing the initial vision from when the community was proposed. We are excited to open our doors to new members and share all that the Weller Life has to offer.”
The LaSalle Group Opens New Autumn Leaves Community in Austin
Irving, Texas-based The LaSalle Group earlier this month opened its newest Autumn Leaves branded community in Austin.
Autumn Leaves of Northwest Austin is the company’s second community in the area. The 27,803 sq. ft. memory care facility will provide specialized care to 46 residents living with Alzheimer’s and other forms of dementia.
Located six miles from Seton Northwest Hospital, the community features a building design and cutting-edge technology to create a calm, safe and enjoyable environment for the residents it serves, along with an array of life engagement programs aimed at fulfilling residents’ needs for artistic expression, physical activity, spiritual support, community connections, continuing education and leisure.
“Our philosophy at Autumn Leaves is that there is more life to live for our residents, and we offer the best design, technology, and caregiving practices,” said Kim Howard, Autumn Leaves of Northwest Austin’s executive director. “With this new center, we can make a positive difference for Austin-area families and their loved ones who are living with memory impairment, and I look forward to helping residents thrive in their new home.”
The LaSalle Group designs, develops, builds, manages and owns more than 40 Autumn Leaves memory care assisted living communities in six states, with plans to open an additional 11 communities in 2015.
Written by Jason Oliva
Companies featured in this article:
ACTS Retirement-Life Communities, Big Rock Partners, CJMW Architecture, LCB Senior Living, LCS, Leo Brown Group, Millennium Real Estate Group, PDC Capital, Senior Living Communities, SSM Health, SummerPlace, The LaSalle Group, TLG Bellevue Partners, Triangle Construction Company