In the Pipeline: Senior Housing Construction Projects (1/28/16)
Episcopal Retirement Homes Plans $110 Million Renovations to 27 Communities
Cincinnati-based Episcopal Retirement Homes plans to spend $110 million on renovating 27 of its communities nationwide, reports Cincinnati.com.
The not-for-profit senior care provider will be investing in its communities to make them more attractive for new and existing residents, according to comments made by Episcopal Retirement Homes President and CEO Doug Spitler.
Plans for the $110 million project include a $23 million renovation of the flagship Marjorie P. Lee community and Deupree House in Cincinnati’s Hyde Park neighborhood; a $17 million expansion and renovation campaign partnering with a Cincinnati-based non-profit services organization; as well as an average of almost $10 million to be spent on seven other affordable living communities throughout Ohio, Kentucky and Indiana.
Such communities include Parkway Place ($11.8 million); Thomaston Woods ($10.9 million); Knowlton Place ($10.7 million); Marlowe Court ($10.5 million); Green Hills ($9.8 million); Trent Village ($8.8 million) and Walnut Court ($7.7 million).
Construction: In process
LCS, Blue Moon Capital Partners Form New Development Joint Venture
Des Moines, Iowa-based LCS and Boston-based Blue Moon Capital Partners recently announced their formation of a joint venture to develop a 207-unit senior living community in Katy, Texas.
The community, which will be known as The Delaney at Parkway Lakes, marks the first joint venture for LCS and Blue Moon to develop the property, which will provide independent living, assisted living and memory care.
Blue Moon Capital Partners focuses exclusively on the senior housing sector. In December 2014, the company secured a $175 million capital commitment from Scout Fund II through Hawkeye Partners, LP based in Austin, Texas, to form BMSH I.
With roots dating back to 1971, LCS is the nation’s largest privately-held senior living operator. The LCS suite of affiliate companies encompass development, management, group purchasing and home health.
LCS plans to bring its signature LifeSTYLE Promise approach to service-rich independent, assisted living and specialized memory care to The Delaney at Parkway Lakes—LCS’s second Delaney branded property.
Groundbreaking on The Delaney at Parkway Lakes occurred earlier this week.
Watercrest Senior Living Nears Completion of Jacksonville, Fla. Community
Nine months after beginning construction, Vero Beach, Fla.-based Watercrest Senior Living Group, LLC, is more than halfway complete on its latest project, Watercrest of San Jose Assisted Living and Memory Care in Jacksonville, Fla.
The community, which is located at 9069 San Jose Boulevard, will be a 79,000-square-foot upscale senior living community slated to open this summer.
The 90-unit Watercrest of San Jose will offer 66 assisted living and 24 memory care apartments featuring spacious accommodations. Amenities include signature dining, a wine bistro, concierge serves, salon and spa, verandas and Florida-style outdoor living spaces set along the banks of Goodby’s Creek.
Watercrest Senior Living is the operator and co-developer of the community, alongside Choate Construction Company, which is also working on the project.
Erickson Living Breaks Ground on IL Expansion at Dallas CCRC
Erickson Living is currently constructing a new independent living building on the campus of its Highland Springs continuing care retirement community (CCRC) in Dallas.
The new addition, dubbed Pecan Grove, features 108 residences with nine floor plans that vary in style from luxury two-bedroom to extra-large one-bedroom homes.
A climate-controlled walkway will connect Pecan Grove to the main community clubhouse of Highland Springs, which houses two restaurants, the medical center, aquatics and fitness center, convenience store, salon and bank are located.
Pecan Grove is currently scheduled to open in the fall of 2016.
Dallas-based JHP Architecture is the project architect, and The Whiting-Turner Contracting Company is the general contractor.
Walters Group Breaks Ground on Affordable Rental Project in N.J.
The Walters Group, a residential and commercial real estate developer based in N.J., recently began construction on a new 102-unit affordable senior housing community in Toms River, N.J.
Located at the intersection of Massachusetts Ave. and Cox Cro Road, the new community, dubbed Cornerstone at Toms River, is currently being built on an 11-acre site. The project, according to developers, is being constructed to LEED specifications and will be ENERGY STAR certified.
When completed, the property will consist of a three-story apartment building containing one- and two-bedroom floor plans, encompassing 94 one-bedroom and eight two-bedroom units. Apartments will offer a washer and dryer in each unit, as well as wheelchair accessibility.
Also featured, a 7,000-square-foot community clubhouse will offer a variety of amenities, including a kitchen area, game room, state-of-the-art fitness center, conference room and more.
In addition to serving the needs of seniors in the area, Cornerstone at Toms River will also offer priority for residency to people impacted or displaced by Hurricane Sandy, as well as those who have experienced severe damage from the superstorm during the first 90 days on the market.
Hurricane Sandy was the deadliest and most destructive storm of the 2012 Atlantic hurricane season, and the second-costliest hurricane in U.S. history, causing an estimated $75 billion in damages, according to the U.S. Department of Commerce.
“Toms River was one of the most heavily impacted Sandy towns in Ocean County,” said Ed Speitel, Jr., head of land development for the Walters Group, in a prepared statement. “But even before Sandy hit, Walters was looking to broaden its reach into the affordable housing arena. After Sandy, we saw a great demand for this type of housing because people lost their homes and were displaced.”
Apart from the Toms River community, the Walters Group is also planning the development of six more affordable housing projects in Ocean and Burlington Counties.
Another community for seniors, Cornerstone at Barnegat, is underway in Barnegat Township, N.J. This project calls for 70 units and will include the same features as the Toms River community.
Summit Senior Living Begins Construction on 110-Unit Community in N.Y.
Summit Senior Living recently began construction on a new 110-unit senior housing rental project in Saratoga Springs, N.Y., reports the local Saratogian.
Dubbed The Summit at Saratoga, the new three-story community will be situated on 12 acres on Perry Road off Route 50.
Project plans call for one large building featuring an integrated clubhouse that will include an indoor pool and hot tub, sauna, fitness center, full-service salon, tavern, movie theater and a variety of other recreational spaces, including bocce ball and pickleball courts.
Upon completion, The Summit at Saratoga will offer independent living rental apartments for residents age 55 and older. The community will also feature a mix of one- and two-bedroom apartments ranging in size from 715- to 1,065-square-feet.
Unit finishes will include upscale carpeting and floor tile, granite countertops, balconies and patios for all apartments, full-size washers and dryers in each apartment, central air conditioning and 24-hour emergency call services.
Residents will also have access to Summit’s Senior Engaged Life wellness program, which provides access to referral services to community service providers, educational programs, health and wellness activities, recreational events, finance and legal resources, transportation, medical visits, as well as shopping and other social opportunities.
The Summit at Saratoga is Summit Senior Living’s third Capital Region project, following Eastwyck Village, a 144-unit community that opened in North Greenbush in 2011; and last year’s The Meadows at Glenwyck, a 110-unit independent living community in Glenville, N.Y.
Presbyterian Senior Living Opens 30th Senior Living Community
Last week, Presbyterian Senior Living held a dedication ceremony to celebrate the grand opening of Westminster Place at Queen Street, a 50-unit affordable apartment building for seniors in York, Pa.
Homes at Westminster Place include 40 one-bedroom and 10 two-bedroom apartments, ranging in size from approximately 600- to 800-square-feet.
The community also includes a communal meeting space, exercise room, library, and game room. All common areas are accessible within the building’s secured environment, and are also mobility accessible with several apartments designed for people with mobility or vision/hearing impairments.
Apartments are available for low-to-moderate income people aged 62 or older, and offer energy-efficient design.
Westminster Place at Queen Street is part of a larger network of affordable senior living options from Presbyterian Senior Living (PSL). A not-for-profit provider, PSL serves more than 6,000 seniors in 29 locations throughout the mid-Atlantic—seven of which are located in the York area.
Located in York Township at 150 Pauline Drive in York, Pa., Westminster Pace has access to Interstate Route 83, along with proximity to retail, professional and institutional services in the York Township region.
Mainstreet Celebrates Opening of Kan. Post-Acute Care Facility
Carmel, Ind.-based developer Mainstreet recently celebrated the grand opening of its latest transitional care center in Kansas: The Healthcare Resort of Olathe.
Located at 21250 W. 151st St. in Olathe, the new facility provides short-stay rehabilitation and therapy, along with assisted living within a service-rich environment.
The 68,353-square-foot facility features 100 beds with amenities such as a large therapy gym, an outdoor rehabilitation courtyard, a putting green, a spa, movie theatre, an on-site chef and more.
In total, The Healthcare Resort of Olathe represents a community investment of $16.4 million, leading to the creation of 350 construction jobs and 90 permanent jobs at the property itself.
Mainstreet developed The Healthcare Resort of Olathe, which began construction in July 2014 and was completed in October 2015. The facility is operated by The Ensign Group, Inc. (NASDAQ: ENSG).
Atria Senior Living to Host Grand Opening in Ohio
Louisville, Ky.-based Atria Senior Living will host a grand opening event Thursday, January 28, to celebrate its newest community in Springboro, Ohio.
Located at 355 W. Central Ave., The Landing of Springboro offers independent, assisted living and memory care.
Amenities include multiple dining venues, a salon and barber shop, a wellness center for physical therapy and common areas including a library, media room, patio and courtyard.
Residents will be able to enjoy table service dining, regular outings and events to local shops, restaurants, as well as attractions like the Wright B Flyer Museum, according to Atria’s community webpage.
Affordable Senior Housing Complex Opens in San Antonio
Developers last week celebrated the grand opening of the George Gervin Retirement Apartments, a new affordable senior housing community in San Antonio, Texas.
At $7 million, the George Gervin Retirement Apartments were funded in part by a $500,00 Affordable Housing Program grant from the Federal Home Loan Bank of Dallas (FHLB) and Broadway Bank, as well as the additional funding from the U.S. Department of Housing and Urban Development.
The community’s namesake dervies from the mission of the George Gervin Youth Center, founded by former San Antonio Spurs Player George Gervin. The Center provides a free public charter school to students and community assistance for residents in need.
Gervin, who attended the grand opening event alongside project developers and Congressman Joaquín Castro, said the next project he plans to work on is housing for veterans.
Amenities offered at the Gervin Retirement Apartments accommodate both seniors and disabled residents, with design features that include wider doors, lower cabinets and stove knobs, as well as expanded parking.
Affordable Senior Hhmond, Calif.ousing Apartments Open in Ric
The City of Richmond, Calif., now has 61 more units of affordable housing for low-income seniors, following the recent opening of the Harbour View Apartments.
The $17 million project, developed by The Pacific Companies, was financed with a financing structure involving tax-exempt bonds, a forward interest rate swap and federal Low-Income Housing Tax Credits (LIHTCs). The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series, and a private investor purchasing $4 million of the junior series.
Meanwhile, Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs.
The four-story complex contains 62 units, including 50 one-bedroom units and 12 two-bedroom units. Other features include a community room, laundry room, manager’s office, elevator lobby, storage areas, three reading lounges, a craft room, fitness room and a community garden area.
Apartment rents are affordable to seniors age 55 and older with incomes at, or below, 50% and 60% of the area median income as published by the Department of Housing and Urban Development.
Harbour View Apartments are located at 25 Harbour Way in downtown Richmond, Calif.
Written by Jason Oliva