Related, Atria, Welltower, Spitzer Close on JV for Hudson Yards Highrise

Welltower (NYSE: WELL) and Atria Senior Living are involved in the mixed-use tower development by Related Companies and the real estate firm of former New York Governor Eliot Spitzer near the Hudson Yards mega-redevelopment.

Related, the New York-based real estate developer, announced the strategic partnership in a press release on Wednesday, February 5. In June 2019, The Real Deal reported on the project, based on information contained in plans filed with the New York City Department of Buildings.

Related’s public announcement confirms that Atria will operate the senior housing component of the proposed 44-story tower at 451 10th Avenue. This also marks the second project in a joint venture between Atria and Related first announced in October 2018. The two firms plan to develop a pipeline of luxury senior housing in major metropolitan markets across the U.S., valued at up to $3 billion.

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The first project, a 214-unit assisted living facility in San Francisco, was announced last May. Welltower is the long-term capital partner in that project as well.

Development of the tower began late last year and is expected to be completed in 2022. It is almost certain to generate interest from seniors looking to live near Hudson Yards, a 28-acre, 1-million-square-foot redevelopment in Manhattan’s Chelsea and Hell’s Kitchen neighborhoods including luxury retail, multifamily, apartments, hotels, public parks and greenspace.

Related Cos. and Welltower would not comment further on the announcement to Senior Housing News. Atria had not replied to a request for comment as of the time of publication.
Major metropolitan markets across the country are gaining favor with senior housing developers, operators and investors. Unsurprisingly, New York City is near the top of the list and Welltower already has a footprint in the Big Apple. The REIT has two developments underway in Manhattan: Sunrise at East 56th Street, a 151-unit building opening this year and set to be operated by Sunrise Senior Living; and a 161-unit senior living and memory care community under construction on the Upper West Side in conjunction with real estate developer and services firm Hines Interest.

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