Active adult emerges as new market for work-live-play conversions. By Tom Thrasher, Kaufman Lynn Construction The term “re-urbanization” has often been used to describe the movement of people back into an area that has been previously abandoned and is usually a government initiative to counter the problem of inner-city decline. However, with the rise of online shopping, many suburban malls have become vast, vacant tracts of land that require the same holistic vision as city re-urbanization plans. Developers are looking on a national level to refine the large parcels of …
Development
OSPREY, Fla. — Gates Construction has been contracted to build Aravilla Osprey, a seniors housing community in Osprey, approximately 60 miles south of Tampa. The community will offer independent living and assisted living. DSDG is providing design services for the project. Aravilla currently operates three seniors housing communities, all located along the Gulf Coast of Florida.
NAPLES, Fla. — Gates Construction has completed The Pineapple House at Sapphire Lakes, a seniors housing community in Naples. Senior Care Residence Sapphire Lakes at Naples LLC and its partners own and operate the property. The two-story, 115,381-square-foot asset features 127 units of assisted living and memory care. Partners on the project include Michael Kerner, Development Consulting LLC, Phoenix Associates of South Florida Inc., IAK Florida Design LLC, Ulrike Kerner and Lotus Architecture.
NAPLES, Fla. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-sold. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. “This has been a very unusual time to open a new community. Truthfully, we thought …
Health, socialization and transportation are top on seniors’ ‘want’ lists for a new home. By John R. Williams, Avanath Capital Management There is a renaissance underway in the seniors housing industry. Today’s seniors are more active and engaged than ever before and are requesting amenities and services that aid in keeping them energetic, healthy and involved. These amenities extend far beyond standard fitness centers or aerobics classes and incorporate programming and services that encourage healthier, dynamic lifestyles that allow residents to age in place. This is important for investors and …
O’FALLON, Ill. — Holland Construction Services has started construction of Keystone Place at Richland Creek, a seniors housing community in O’Fallon, a small city just east of St. Louis, Missouri. The total project cost of the development is $39 million. Once completed, the new facility will offer independent living, assisted living and memory care services. The development is being constructed next to Parkway Lakeside Apartments, which Holland also built several years ago. Keystone Senior Management Services Inc. will be the operator. The four-story building will consist of 149 apartments including …
CHICAGO — CRG, the real estate development and investment arm of Chicago-based Clayco, has hired J.J. Smith as managing partner of its residential business. Smith has over a decade of leadership experience at Chicago-based CA Ventures, where he launched real estate development and investment platforms that included more than 40,000 units of housing and over $6 billion in executed projects. In his role as managing partner, Smith will deliver properties for all residential asset classes across North America, including multifamily, student housing, co-living, senior living and workforce housing. Smith holds …
PRIOR LAKE, Minn. — The City of Prior Lake, approximately 25 miles southwest of Minneapolis, has approved development of Summers Ridge Senior Living. Vincent Development is now clear to start construction of the single-story, 40-unit assisted living and memory care community. Great Lakes Management, based in nearby Plymouth, will operate the community upon completion. A construction timeline was not released. Summers Ridge is one of eight projects Vincent Development plans to start in 2020, with other projects ranging up to 200 units in size.
CAPE CANAVERAL, Fla. — LV Lending, a local private lender, has provided a $4.2 million refinancing for a 7.7-acre vacant site in Cape Canaveral, along Florida’s Atlantic coast east of Orlando. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-stor, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the broker.
Resort Lifestyle Communities Opens 128-Unit Independent Living Community in Little Rock, Arkansas
by Jeff Shaw
LITTLE ROCK, Arkansas — Resort Lifestyle Communities has opened Chenal Pines, a new retirement community in Little Rock. The community offers 128 independent living apartments in a mix of one-, two- and three-bedroom layouts. “Our research indicated there was a significant need for additional independent senior living communities in the Little Rock area,” says Phil Benjamson, COO of Resort Lifestyle Communities.