WINTER PARK, Fla. —Watercrest Senior Living Group and Titan Development Real Estate Fund I have completed construction of Watercrest Winter Park Assisted Living and Memory Care in Winter Park. The resort-style senior living community features 75 assisted living and 32 memory care apartments. This is the second senior living development project partnered between Watercrest and Titan Development. Their first project, Watercrest Columbia Assisted Living and Memory Care, opened last fall in Columbia, S.C. Titan Development Real Estate Fund I (TDREF I) is a $200 million private equity real estate fund …
Development
GREENVILLE, S.C. — Rocky Berg of Dallas-based firm three will join the architecture team at senior living community The Woodlands at Furman in Greenville. The developers of the community are planning a $19 million expansion and repositioning project. A groundbreaking will be help Jan. 31, 2020, for the 13,000-square-foot community village, which will feature a wellness center, swimming pool, spa services. The building represents the start of a multi-phase project, which will ultimately include more than 40 new independent living residences and an expansion of dining offerings. A university-based senior …
Resort Lifestyle Communities Plans $30M Active Adult Community in Columbia, South Carolina
by Jeff Shaw
COLUMBIA, S.C. — Resort Lifestyle Communities (RLC) has unveiled plans for Lakeview Retirement Community, an active adult property in Columbia. The 180,000-square-foot property will offer units ranging from studios to three-bedroom apartments. A groundbreaking ceremony is scheduled for Feb. 11. Development costs are estimated at $30 million. Although services will not be offered directly, residents needing care are free to contract with a home health provider, according to RLC.
STONECREST, Ga. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55 meeting income maximums. “There’s a nationwide shortage of affordable housing that extends into the senior living market,” says Scott Hoppa, senior vice president of McShane’s Southeast region. Units will be offered in one- to three-bedroom configurations with one-, 1.5- …
CAMARILLO, Calif. — Oakmont Senior Living has opened Oakmont of Camarillo, an assisted living and memory care community in the Ventura County city of Camarillo. The 86,839-square-foot property offers 91 units on a three-acre plot. The community is Oakmont’s first in the county. Ted Burgess serves as executive director of the property.
KNOXVILLE, Tenn. — Shannondale has unveiled plans for The Lodge at Shannondale, a 96-unit independent living expansion at the company’s seniors housing campus in West Knoxville. The Lodge is scheduled to open later this year, with pre-sales currently open to the public. Floor plans include one- and two-bedroom options ranging from 771 to 1,550 square feet. Cooper Architecture designed the project. The Christman Company is already underway on construction. Home Federal Bank provided financing. Shannondale opened in 1967 and has locations in Knoxville and Maryville.
CHICAGO— Evergreen Real Estate Group and the Chicago Housing Authority (CHA) have started construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on Chicago’s North Side. The $81 million project will convert the former 10-story Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into affordable rental units. The property will total 74 independent living apartments for low-income residents and 119 units under the Illinois Supportive Living program, which allows government reimbursement for assisted living services. While the …
Buckner Opens Assisted Living, Memory Care Units at Ventana High-Rise Project in Dallas
by Jeff Shaw
DALLAS — Buckner Senior Living has opened the assisted living and memory care units at Ventana by Buckner, a 301-unit high-rise seniors housing community in Dallas. The 189 independent living units opened in November 2019. The State of Texas granted the license for the 38 assisted living and 26 memory care apartments, and residents have begun moving in. Ventana is Dallas’ first and only luxury high-rise continuing care retirement community, according to Buckner. The property also features 48 skilled nursing apartments and 24 rehabilitation suites.
HEALDSBURG, Calif. — Ziegler has closed a $12.4 million, tax-exempt bond anticipation note for the development of Enso Village, a continuing care retirement community in Healdsburg, a city in Sonoma County’s wine country. A bond anticipation note is a short-term security issued in anticipation of future, larger bond financing for the project. The borrower is Kendal at Sonoma, a nonprofit partnership between The Kendal Corporation, Greenbrier Development and the San Francisco Zen Center. The community will feature 200 market-rate independent living apartments, 20 below-market independent living apartments to accommodate retired …
MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community in Mount Laurel. The 75,000-square-foot community offers assisted living and memory care services. The Arbor Company is the operator. Mount Laurel is an affluent suburb east of Philadelphia. The community is just east of the Interstate 295 interchange and the New Jersey Turnpike, making the community very accessible to the entire market area. Meyer Senior Living Studio designed the property.