(Thrive at Beachwalk, a 125-unit senior living community operated by Thrive Senior Living in Fort Myers, Fla.)
Welltower, Hines Acquire Site to Develop NYC Senior Living Community
The New York offices of international real estate firm Hines and Welltower Inc. (NYSE: HCN), this week announced that they have closed on the acquisition of a development site in midtown Manhattan.
Located at 139 E. 56th Street on the northeast corner of Lexington Avenue and 56th Street, existing commercial structures on the site will be demolished to make way for construction of a 15-story senior living community with retail at the base, Welltower announced in a release issued Tuesday.
With this development, Hines and Welltower aim to address what they perceive as Manhattan’s “vastly underserved” senior population in need of assisted living and memory care services.
“The new residence will offer the highest quality of care and the latest in health care innovation, while creating an environment focused on wellness and community,” Welltower stated in the release.
Design and development plans are currently underway, which the companies plan to announce in greater detail at a later date.
Stephen Meringoff and Dennis Riese, the owners of the two adjacent properties that comprise the site, joined together and engaged Eastern Consolidated to represent them in this sale. Terms of the transaction were not disclosed.
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The development is Hines’ first venture into the senior living sector. A privately owned global real estate investment firm founded in 1957, Hines has a presence in 182 cities across 20 countries. The company has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services and $46.6 billion for which Hines provides third-party property-level services.
Welltower is an S&P 500 company headquartered in Toledo, Ohio, that primarily invests with leading senior housing operators, post-acute care providers and health systems. The company owns more than 1,400 properties in major, high-growth markets in the U.S., Canada and the United Kingdom, consisting of senior housing, post-actue communities and outpatient medical properties.
Grand Living, Ryan Companies Plan 164-Unit Senior Living Project for Iowa
Excelsior, Minn.-based Grand Living and Ryan Companies US, Inc. last week announced plans to develop Grand Living at Indian Creek, a new senior living community in Cedar Rapids, Iowa, which will begin construction this fall.
Located southwest of the intersection of Collins Road and 1st Avenue in Cedar Rapids, Grand Living at Indian Creek will include 164 residences ranging from studios to two-bedroom den apartment homes.
The community will also offer a mix of independent living, assisted living and memory care services.
A variety of dining and menu options will also be included at Grand Living at Indian Creek, including alternate settings for formal dining, casual dining, a bistro and clubroom.
The wellness center and spa will feature a full-service salon, exercise studio and offices for rotating medical providers.
Additional amenities include a Grand Lounge and library, performance theater for the arts, music and lifelong learning programs, a chapel, activity and art studios, wood working shop and studio, pet grooming center, and instrumental practice rooms.
Grand Living at Indian Creek is a partnership between Grand Living and Ryan Companies US, Inc., a national builder, developer, designer, capital investment consultant and real estate manager based in Minneapolis.
As the companies develop the Indian Creek community in Cedar Rapids, both are currently discussing potential relationships with local health care providers.
Construction: In process
Thrive Senior Living, Fortress Ventures Break Ground on Fla. Community
Estero, Fla.-based Fortress Ventures announced this week that it is breaking ground on Thrive at Beachwalk, a new senior living community in Ft. Myers, Fla.
Upon opening, Atlanta-based Thrive Senior Living will operate the community.
The 125-unit community will feature a salon, meeting and entertainment spaces, multiple dining venues and scenic water views.
Licensed as an assisted living community, Thrive at Beachwalk will cater to seniors ranging from those who are completely independent, to those who need more care.
There will be two separate and distinct neighborhoods within the community—one for assisted living, and an adjacent memory care area dedicated to serving residents with varying levels of dementia.
Residents will be able to access their apartments using an advanced keyless entry system, eliminating the hassle some seniors have with traditional keys.
Thrive’s proprietary wellness program gives residents, their families and their physicians a holistic picture of their well-being through the use of technology, including activity trackers and in-room monitoring systems, which can learn each resident’s routine and patterns and can report anomalies and trends.
Thrive communities utilize an integrated smart care platform, which creates an entirely digital environment, integrating communication, medication management, electronic health records and resident care plans on a single device in the hands of each community team member.
Thrive at Beachwalk is joint venture between Fortress Ventures, Atlanta-based private equity firm Compass Real Estate and AIG Global Real Estate.
Construction financing has been provided by Centennial Bank. Atlanta-based THW Architects designed the community.
Thrive at Beachwalk is located at the intersection of Beachwalk Blvd. and San Carlos Blvd., in the center of the growing Highway 867 Corridor on the Southwest side of Ft. Myers.
A welcome center will open near the site in early 2017. Developers expect the community to be fully operational in the fall of 2017.
PinPoint Senior Living Starts Construction on Four Communities
Houston-based PinPoint Senior Living and LifeWell Senior Living LLC this week announced the start of construction of four new Concierge Senior Living Communities in Texas and New Mexico.
Each community will be a two-story, 86-apartment community featuring an innovative design that allows seniors to age in place by providing as little or as much care as needed, depending on each resident’s needs.
The Legacy at South Plains will be located Lubbock, Texas, at the northeast corner of 108th St. and Indiana Ave. The community is strategically located next to Cooper North Elementary School and near Lake Ridge Country Club. Construction began in January and is currently scheduled to be complete in early first quarter of 2017.
The Legacy at Cimarron, located in El Paso, Texas, will front the intersection of Paseo Del Norte and Northern Pass Dr. Construction began on this project in February and is scheduled to be complete in early first quarter of 2017.
The Legacy at Long Meadow will serve the affluent, rapidly growing southwest Houston Submarkets of Pecan Grove, Richmond and Rosenberg. The community will front Mason Rd. inside the Long Meadow Farms master-planned development. Construction will begin in late April and PinPoint expects it should be complete in early second quarter of 2017.
In New Mexico, The Legacy at Santa Fe will be located in the Aldea master-planned development. The community will be facing the 599 bypass and located at the intersection of Avenida Aldea and Camino Botanica. Construction will begin in late April, with an anticipated completion of early second quarter of 2017.
All four projects are designed around an innovative campus, in which each resident can age in place without having to go to a separate assisted living facility.
Each community has also been designed around a central “Main Street” with amenities such as a restaurant, movie theater, general store, fitness center and sports bar.
American House, REDICO Enter Final Construction Phase of Fla. Project
Mich.-based companies American House Senior Living Communities and REDICO are nearing the final stages of construction for American House Coconut Point, a senior living community in Estero, Fla.
American House Coconut Point is a 174,000-square-foot community being developed by REDICO, a national real estate development and investment firm headquartered in Southfield, Mich.
Coconut Point includes 194 rental apartments, which will include 54 independent living, 76 assisted living and 64 memory care residences.
Units range in size from 480- to 900-square-feet, with residents able to choose from 13 floor plans offering a mix of studio, studio deluxe, one-bedroom, one-bedroom plus den, and two-bed two-bath apartments.
Amenities include chef-prepared meals, concierge services, a fitness center, wellness services, regularly scheduled social opportunities and a 24-hour resident emergency response system.
Residents can also enjoy luxury apartment amenities, including stainless steel appliances, quartz countertops and in-unit climate control; along with community amenities such as a coffee bar, bistro, outdoor seating, restaurant-style dining, media screening room, library, state-of-the-art fitness center and wellness center, as well as a full-service spa offering salon, nail and massage services.
Located on nearly 14 acres, Coconut Point is situated on land adjacent to the planned Lee Memorial Medical Village, and within walking distance of the Coconut Point Mall in Estero.
Overlooking a three-acre lake on the property, the community features four neighborhoods in a resort-like setting, which are connected by an elegantly designed three-story atrium.
American House and REDICO plan to welcome residents to Coconut Point in the summer of 2016.
Springpoint Senior Living Secures $56 Million Financing for CCRC Renovation
N.J.-based not-for-profit senior housing provider Springpoint Senior Living recently secured $56 million in financing from SunTrust Bank to renovate and expand a continuing care retirement community (CCRC) in Skillman, N.J.
The CCRC, Stonebridge at Montgomery, unveiled its newly expanded club house in March. It is currently undergoing transformative changes with numerous construction and renovation projects that will include a larger library, expanded art studio, art gallery and an expanded cardio exercise room with a dedicated area for aerobics.
A second phase of the project, also included in the funding, includes a newly expanded state-of-the-art health care center and memory care services.
The health care center will incorporate 10 new skilled nursing beds for sub-acute care with a total of 50 private beds. Specific design elements include additional and expanded common areas with access to enclosed outdoor spaces offering an abundance of natural light.
DIGroup Architecture of Brunswick, N.J. is the design firm for the project. Langan Engineering of Lawrenceville, N.J. is the civil engineer, and the general contractor is E. Allen Reeves of Abington, Pa.
The second phase of the project is expected to be completed by early 2017.
Construction Begins on $27 Million Chicago Supportive Living Facility
A groundbreaking ceremony was held late February to mark the official construction start of Montclare Senior Residences SLF, a new senior housing community in Chicago that will operate under Illinois’ Supportive Living Program.
A tri-venture between Safeway Construction Co., Brown & Momen Co. and J. Duffy Co. will manage the construction of Montclare Senior Residences SLF, which will provide 120 units of supportive living, serving seniors of all income levels.
Located in Chicago’s Lawndale neighborhood, the new community will include a mix of one- and two-bedroom units as well as activity rooms, a wellness center, laundry room, beauty shop, outdoor patio, landscaped courtyard and on-site parking.
Residents will receive assistance with personal care and daily activities, including housekeeping, meals, recreation, health and wellness programs.
Construction of the five-story, L-shaped structure includes development of the 2.5-acre site and public right-of-way improvements, followed by building the apartments.
Funding for the $27.7 million project by MR Properties LLC is supported by a partnership that was created between private industry and the City of Chicago, state and federal governments.
The firm of Worn Jerabek Wiltse Architects, P.C. is the architect for the project.
During the construction phase, the Joseph J. Duffy Co. worked with MR Properties and the architect to attain the cost level necessary to make this project a reality.
Solvere Senior Living Breaks Ground on $59 Million N.J. Community
Princeton, N.J.-based Solvere Senior Living recently broke ground on its first senior living community in central New Jersey’s Mercer County.
The Homestaed at Hamilton will provide 195 apartments for independent living, assisted living and memory care. Unit mix will include 96 independent living apartments; 75 assisted living apartments and 24 apartments for memory care.
Located on a 24-acre site at the corner of Kuser and Klockner Roads in Hamilton, N.J., the community will provide a “whole-person” wellness program and a range of social activities designed to support resident independence.
Amenities will include both casual and formal dining, bar and lounge; a state-of-the-art fitness center and exercise studio; hair salon and spa; theatre; convenience store; transportation; maintenance and repair; along with other features.
Solvere and Paterson, N.J.-based Pike Construction Co. LLC, co-developer and general contractor, are investing $59.1 million in the project.
Developers expect the Homestead at Hamilton to create more than 430 direct and indirect jobs for the surrounding area, with an annual payroll in excess of $1 million.
A sales center is anticipated to open in late 2016, with the community slated to be completed in late 2017.
The architectural firm for the Homestead is J. Randolph Parry Architects PC, headquartered in Riverton, N.J.
Project financing has been arranged through multiple sources, which includes $14.4 million of mezzanine financing from Fundamental Advisors; a $36.4 million construction loan from Red Capital Partners; and equity provided by the owner.
The project also seeks to raise $18 million utilizing the EB-5 program to take out the short-term mezzanine debt.
Two Canterfield Senior Living Projects Underway in Fla.
Edwards Construction Services is currently underway on building two Canterfield senior living communities in Florida for Medical Development Corp.
MDC, which launched its Canterfield assisted living brand in 2011, chose Edwards as the construction manager for both Canterfield of Ocala Assisted Living Facility and Canterfield of Clay County Assisted Living Facility.
The Ocala facility is a 73,608-square-foot, three-story assisted living building. The project includes a 91-bed main building, two accessory buildings and a service building.
Amenities include both a private and community dining room with a commercial kitchen, multi-purpose rooms, parlor, library, exercise room, arts and crafts room, salon and both staff operated and resident laundry facilities.
The service building contains property maintenance and an electrical room. Construction is scheduled for completion in August.
Located in Jacksonville, the Canterfield of Clay County community is also a 73,608-square-foot facility, and contains a similar structure as the project in Ocala.
The project includes a 91-bed main building, three accessory buildings and a service building that also contains property maintenance and an electrical room.
Amenities for both communities are largely the same. Construction of the Clay County project is scheduled for completion December 2016.
Spectrum Retirement Communities Opens St. Louis Assisted Living Community
Denver-based Spectrum Retirement Communities LLC last week announced it has officially opened its newest senior living community in St. Louis.
Located at 2929 Dougherty Ferry Road, Dougherty Ferry Assisted Living and Memory Care features 65 assisted living and 32 memory care residences, ranging in size from studio apartments to two-bedroom units.
The 80,000-square-foot community features well-appointed common areas and top-flight amenities, including chef-prepared dining, Colors of Spectrum wellness programs and entertainment activities.
Residents living at the community will be within close proximity to health care facilities, as well as Castlewood State Park and other attractions in the local area.
As with all Spectrum communities, Dougherty Ferry will host on-site personal care services and provide licensed professionals who offer occupational and speech therapies, monthly health screenings and physical rehabilitation.
Dougherty Ferry also features Spectrum’s distinctive Transitional Memory Care program, supporting seniors with mild cognitive impairment while still offering a high level of independence.
Spectrum broke ground on the two-story community in 2014, which will employ 42 full-time and part-time employees and caregivers from the area.
Dougherty Ferry is Spectrum’s fifth community in the St. Louis metro area and the sixth in the state of Missouri.
The privately-held company owns and operates 29 senior living communities in 12 states, from New York to Oregon. Currently, Spectrum employs a staff of more than 2,000 and oversees more than 3,500 apartments.
Peconic Landing Lifecare Community Celebrates Completion of $44 Million Expansion
Peconic Landing, a lifecare retirement community (also known as a CCRC) is celebrating a grand opening Thursday of its newly expanded community in Greenport, N.Y.
The not-for-profit community broke ground on a $44 million expansion in September 2014, a project that added the East End’s firsts memory support neighborhood, as well as a state-of-the-art short-term rehabilitation center and updates to its skilled nursing center.
The expansion also included 46 new apartments for residential living as well as enhancements to its Community Center.
A grand opening celebration is being held Thursday, April 21.
Written by Jason Oliva
Companies featured in this article:
AIG Global Real Estate, American House, Fortress Ventures, Grand Living, Hines, LifeWell Senior Living, Medical Development Corp., MR Properties, PinPoint Senior Living, REDICO, Ryan Companies, Solvere Senior Living, Spectrum Retirement Communities, Springpoint Senior Living, SunTrust Bank, Thrive Senior Living, Welltower