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Welltower, Atria Senior Living luxury residences to see construction soon
A plan to bring luxury senior living residences to Santa Clara, California by Welltower (NYSE: WELL) and Atria Senior Living is moving forward after the successful procurement of construction financing for the project.
PNC Bank provided $130 million in financing for the development of 191 luxury residences. The project, previously announced by Welltower earlier this year, represents a partnership with Atria Senior Living for the development of Coterie, a new category of luxury senior living.
The 191-unit community in Santa Clara is planned next to a larger, 9.2 million square foot urban development from Related that is set to include office and medical office buildings, hotels, multifamily housing and retail. Related started entitlement and pre-development work on the plan in 2015, as previously reported by Senior Housing News.
The Tasman East residences will be built on a 240-acre campus adjacent to Levi’s Stadium and represent a joint venture between Welltower, Related Companies and Atria Senior Living.
The Coterie brand is continuing to grow. Coterie Cathedral Hill opened in March 2022 and Coterie Hudson Yards will open in later this year followed by Santa Clara and Cupertino, California.
Construction: In progress
Commonwealth Senior Living expands to Michigan
Commonwealth Senior Living entered the Michigan market with the addition of three newly renovated senior living communities.
The company will take over management of three communities, two of which are located in Grand Rapids and the other in New Baltimore, as part of a plan to invest $22 million into the facilities.
The communities will carry the Commonwealth name, according to CEO Earl Parker, and enter the portfolio as of Sept. 1 as Commonwealth Senior Living at New Baltimore, Commonwealth Senior Living at Grand Rapids, and Commonwealth Senior Living at East Paris, respectively.
New Baltimore: The community is in the process of wrapping a $6.5 million renovation that included a two-story addition with 18 additional units and expanded common areas. Construction is expected to be complete in September and include 45 assisted living beds and 23 memory care beds.
Grand Rapids: A $5.5 million renovation is underway ahead of a fourth quarter completion, the company said. The renovation will include a new lobby/entrance with a new porte-cochère, which will connect the two existing buildings and renovations of all common areas and suites. Upon completion, the community will feature 50 assisted living beds and 36 memory care beds.
East Paris: The $10 million renovation is underway, with projects including a new lobby and entrance with a new porte-cochère, connections between all buildings and renovations/updates to all common areas and suites and apartments. After construction is completed in the fourth quarter of this year, the community will offer 36 independent living apartments, 54 assisted living beds, and 30 memory care beds.
Commonwealth manages communities in five states across IL, AL and memory care levels of senior care.
Phoenix Senior Living completes Alabama project
Phoenix Senior Living in partnership with KIRCO announced the completion and opening of Madison Crossings, an IL and memory care community in Madison, Alabama near Huntsville.
The community will be operated by Phoenix and offers 105 IL units and 27 memory care residences. Lease up started in April at the resort-style community. Amenities include an outdoor pool, wellness center, a pub, beauty salon, yoga studio, spa and outdoor pickleball and bocce ball courts. The project marks the 10th community in Alabama for Phoenix. The operator manages 50 communities across the southeastern U.S.
Other noteworthy projects include:
A Dallas, Texas-area city council recently approved plans for a 216-unit community on a 12.9-acre property.
Benchmark Senior Living set to add third New York community.
Three Pillars Senior Living Communities to invest $125 million in Dousman, Wisconsin campus.
Monarch Communities to develop three-story, 216-unit community in Voorhees, New Jersey.
The Community Housing Initiative moves forward with 151-unit Baltimore community.
Wisconsin community adds additional units in renovation.