Construction: Planned Mainstreet Property Group Proposes New Indiana Senior Community Carmel, Indiana-based Mainstreet Property Group is moving forward in its proposal for a new senior living community in Crown Point, Ind., reports NWITimes. Mainstreet wants to develop a community that will house about 70 people on land recently approved for annexation by the city. The […]
Spectrum Retirement Communities
Arizona has long been seen as a retirement destination, but with home values beginning to recover in hard hit areas like Phoenix, some developers are seeing it as a brand new opportunity for senior living. “The last couple of years have been on the quiet side for senior housing development—the [real estate] market in general,” […]
Spectrum Retirement Communities announced this week a $124 million financing agreement with Bank of the West, with which it will refinance existing properties and buy out some of its equity partners. Spectrum, which develops, owns and operates independent living, assisted living and memory care communities across about a dozen states, says the Bank of the […]
Construction: Planned Autumn Senior Living Breaks Ground on Memory Care Community Earlier this month, Autumn Senior Living announced the groundbreaking on a new memory care community in Sarasota, Florida, reports Bradenton Patch. The project valued at over $65 million will incorporate two phases of construction, with Phase I featuring plans for 80 residences designed in cooperation […]
Construction: Planned Senior Housing Plan in Palo Alto Raises Local Concern Palo Alto city officials are preparing to rule on a development that has stirred local anxieties—a project including 60 housing units for low-income seniors, Palo Alto Online reports. The City Council will consider approving a zoning change that would allow the nonprofit Palo Alto Housing […]
Construction: Planned Nampa, Idaho OKs Proposal for Affordable Senior Housing The City Council of Nampa, Idaho approved an ordinance this week to create 50 units of affordable housing for low-income seniors, Idaho Press reports. The project will be developed by Community Development, Inc. (CDI) and will require about $350,000 in renovations on the site of the […]
The senior housing industry’s cyclical nature means it’s a matter of when, not if, the sector eventually gets overbuilt, and the biggest danger is in the lease-up phase—especially if there are several new developments in the same market. “In certain submarkets and certain product types, it will be overbuilt,” said Jeff Kraus, managing director of […]
Construction: Planned Tenn. Life Care Services Community Plans $9 Million Expansion The Heritage at Brentwood, a Life Care Services community in Tennessee, is planning a $9 million expansion of Somerfield Health Center to accommodate the needs of the community’s growing population and enhance the continuum of care available to residents of the independent senior living community […]
Construction: In the Process Nor-Son Breaks Ground on New $3.65 million Minn. Assisted Living Facility Bridges Care, part of the Benedictine Health System, recently broke ground on a $3.65 million assisted living facility in Ada, Minn., with construction firm Nor-Sun as general contractor. The new, 26,000-square-foot assisted living community will be attached to the current […]
Subscribe
Receive industry updates and breaking news from SHN