BOSTON — DiMella Shaffer, a Boston-based architecture firm, has completed design work on Grace Apartments, an affordable seniors housing development located in East Boston, and construction of the project has begun. Developed by the East Boston Community Development Corporation (EBCDC) and Affirmative Investments, Grace Apartments will feature 42 residential units for low-income seniors within a new seven-story structure in Maverick Square. Like many cities across the nation, Boston is facing an increasingly acute housing crisis with soaring rents and slender supply, leaving the city’s seniors with limited options, according to …
Development
BOISE — A team of senior living industry veterans have launching Wellness Enhanced Lifestyle Living, a new senior living development company based in Boise. The company’s leadership team includes Dave Mazurek, formerly founder of Sterling Bay’s senior living platform and part of Ventas’ development team; Mandy Serrano, formerly with Holiday Retirement, Avamere and Atlas; and Haller, who most recently served as Avamere’s chief development officer and founder of Ovation and Point Development Co. Collectively, the team has developed in 39 states with a total transaction resume of $6.8 billion in …
DALLAS — Juliette Fowler Communities (JFC) has announced plans to construct a 144-unit independent living community, the Juliette Fowler Residences, for limited-to-moderate-wealth seniors in East Dallas. A groundbreaking for the $24 million development at the 25-acre site is planned for early 2021, with move-ins scheduled to begin in May 2022. JFC was awarded tax credit financing through The Texas Department of Housing and Community Affairs’ (TDHCA) competitive tax credit process. A 2019 study by the National Investment Center for Seniors Housing & Care (NIC) shows that 54 percent of middle-income …
COLUMBUS, Ohio — Affordable housing developer Woda Cooper Cos., along with partners Gertrude Wood Community Foundation and LifeCare Alliance, have completed The Livingston, a 45-unit affordable and age-restricted community in the Near South area of Columbus. The three-story property is reserved for residents age 55 and older who earn up to 60 percent of the area median income. The project pays tribute to The Livingston Theater, a historic theater dating back to the 1940s. The theater’s marquee signage, terrazzo flooring and a portion of its lobby were restored and incorporated …
CAROL STREAM, Ill. — Covenant Living Communities and Services has started construction of a $21 million expansion project at Covenant Living at Windsor Park in Carol Stream, approximately 25 miles west of Chicago. The project will add 36 new assisted living residences and a new rehabilitation area for physical and occupational therapy. It will also include an HVAC system designed for air purification and improved indoor air quality. In addition to new assisted living apartments, there will also be renovations to the existing Windsor Park Manor at Covenant Living with …
National CORE Receives $7.7M Funding for Affordable Housing Renovations in Cathedral City, California
by Jeff Shaw
CATHEDRAL CITY, Calif. — National Community Renaissance (National CORE) has received $7.7 million in funding for planned renovations to Cathedral Palms Senior Apartment Homes in Cathedral City, approximately 120 miles east of downtown Los Angeles. The property is one of the organization’s oldest affordable housing communities. Ever since acquiring this community in 1996, National CORE has been developing plans to revitalize the 1950s-era development. “This renovation has been in the works for years,” says Steve PonTell, National CORE’s president and CEO. Funding sources for the redevelopment include the State of …
CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have secured $31 million of financing for National Church Residences, which will use the funds to renovate an affordable seniors housing community in Cleveland. Built in 1976, the 171-unit Carnegie Tower at Fairfax is a 12-story, project-based Section 8 apartment building on two acres adjacent to the Cleveland Clinic. The units are available in one- and two-bedroom configurations. The project will preserve the building as affordable housing and ensure the long-term viability of the development. KBREC provided $14 …
The Paces Foundation Opens Brownsville Manor Affordable Community in Pensacola, Florida
by Jeff Shaw
PENSACOLA, Fla. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property features 88 one- and two-bedroom units and is over 80 percent leased. The units will benefit from state-of-the-art heating and cooling units, high-efficiency water heaters, as well as water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.
In spring of 2019, the National Investment Center for Seniors Housing & Care (NIC) released a research study showing that fewer than half (46 percent) of America’s middle-income seniors will be able to afford the $60,000 average annual costs of seniors housing and out-of-pocket medical expenses in 2029. The silver lining of the study was that seniors housing developers and operators could opt to build for this underserved market. About 18 months since the study was released, the dynamic hasn’t changed much, according to Michael Edwin, vice president with consulting …