Senior housing will play a role in an ambitious mixed-use development in the Washington, D.C. area.
A joint venture of PN Hoffman, EYA and Regency Centers (Nasdaq: REG) were selected by the town of Falls Church, Virginia to develop 10.3 acres near the Falls Church Metro station into Little City Commons, Washington Business Journal reports. The development team entered into an 99-year ground lease with Falls Church, which will pay the town $44.5 million over the length of the deal, with a $6.5 million initial payment due in May 2019.
Little City Commons will include retail, office space, apartments and condos, restaurants, a hotel and possibly a 20,00 square foot concert venue, in addition to the senior housing component. Two hundred senior housing units are planned, although it is unknown what the breakdown between independent living, assisted living and memory care will be.
Senior housing as part of larger mixed-use developments is a growing national trend. Last month, Belmont Village opened a sales office for its upcoming 156-unit assisted living facility in Chicago’s Lincoln Park neighborhood. Belmont Village Lincoln Park is part of Lincoln Common, a larger redevelopment of a former children’s hospital campus. Belmont Village founder and CEO Patricia Will told Senior Housing News the community will share common synergies and amenities with Lincoln Common.
Other examples of senior housing as part of a mixed-use development include Peninsula Wellness Center, a development in the Portland, Oregon-based Generations and San Diego-based healthcare real estate developer Pacific Medical Buildings; Aventura Park Square in Miami, which will feature a 141-unit assisted living and memory care community to be operated by Royal Senior Care; and the redevelopment of a former Ford Motors plant site in St. Paul, Minnesota into 3,800 housing units, 400 of which will be senior housing rentals.
Meanwhile, the D.C. area is also a hotspot for senior housing development, notably Mather LifeWays’ planned construction of a $460 million highrise in Tysons, which is about 10 miles away from Falls Church. All of these projects will come against the backdrop of Amazon’s HQ2 in nearby Crystal City.
Written by Chuck Sudo