Tuesday, May 27, 2025
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DevelopmentIndustry Voices

Renovating Occupied Assets Requires a Gentle Hand

by Jeff Shaw

Developers must understand, respect and engage with residents to succeed. By Amy Fahey It is no secret there is a seniors housing shortage in this country. Given the lack of affordable land in many areas for ground-up construction, many developers opt to breathe new life into their existing facilities with extensive renovations.  Of course, the most difficult method of tearing a building apart and putting it back together is to do so while people live in it, especially elderly folks. Clearly, renovating an occupied seniors housing facility is a complex …

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DevelopmentNewsTexas

MedCore Partners, ACRON USA Start Phase II of Spring Cypress Senior Living in Cypress, Texas

by Jeff Shaw

CYPRESS, Texas — MedCore Partners and ACRON USA have started the second phase of construction at Spring Cypress Senior Living in Cypress, a northwest suburb of Houston. Phase I, co-developed with Houston-based The National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Phase II represents the addition of 138 active adult and independent living residences to include apartments, cottages, and townhomes, plus a memory care expansion of 12 units. At completion, the community will contain 230 units of luxury senior living on the …

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ArizonaCCRCDevelopmentFinanceNews

Ziegler Arranges Bond Financing for La Posada CCRC Owner Near Tucson

by Jeff Shaw

ORO VALLEY, Ariz. — Ziegler has arranged bond financing for La Posada, a continuing care retirement community (CCRC) owner in metro Tucson. La Posada was incorporated in 1996 to acquire the CCRC known as La Posada at Park Centre in Green Valley, approximately 30 miles south of Tucson. Originally constructed in 1987, Park Centre has grown to include 490 independent living apartments, 34 freestanding Park Centre homes, 17 freestanding Pavilion homes and 135 assisted living apartments. La Posada at Pusch Ridge will be the second location for this emerging system …

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Affordable HousingDevelopmentNew JerseyNews

Alpert Group Breaks Ground on 40-Unit Affordable Community in Teaneck, New Jersey

by Jeff Shaw

TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has broken ground on a 40-unit affordable housing community for seniors in Teaneck, just across the Hudson River from Manhattan and The Bronx. The community will rise five stories, and the mostly one-bedroom units are reserved for those over age 62 meeting income requirements. The project will replace a vacant municipal facility currently at the site. Rents will range from $336 per month to $1,451 per month, depending on the size of the unit and the …

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Affordable HousingCompany NewsDevelopmentInvestmentNews

Affordable Developer Standard Communities Breaks Out Three Business Units

by Jeff Shaw

LOS ANGELES — Standard Communities, a Los Angeles-based investor and developer of affordable multifamily housing including seniors housing, has established three new, diversified business lines. The three dedicated business lines — acquisition/redevelopment, new construction and essential housing — aim to leverage and align the strengths and diversity of Standard’s staff and enable them to execute faster and more efficiently. “With our national geographic reach and ambitious vision for the future, it is important that our structure allows us to stay nimble and responsive to opportunities,” says Scott Alter, co-founder and …

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Active AdultDevelopmentNewsSouth Carolina

Aspens Senior Living Opens 159-Unit Active Adult Community in Greenville, South Carolina

by Jeff Shaw

GREENVILLE, S.C. — Aspens Senior Living has completed construction of The Aspens Verdae, a 159-unit active adult community in Greenville. The property totals 196,000 square feet and offers one-and two-bedroom options ranging from 607 square feet to 1,243 square feet. Aspens broke ground on the project in December 2020. It is the company’s second community in the Carolinas. The site is close to Legacy Park, The Preserve at Verdae Golf Club and the Prisma Health Swamp Rabbit Trail. Shiel Sexton served as general contractor for The Aspens Verdae, with Arrive …

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CaliforniaDevelopmentNews

South Bay Partners Completes 336-Unit The Variel of Woodland Hills in Los Angeles

by Jeff Shaw

LOS ANGELES — South Bay Partners has completed construction of The Variel of Woodland Hills, a luxury independent living, assisted living and memory care community in the Woodland Hills neighborhood of Los Angeles. The property features 215 independent living units, 94 assisted living units and 27 memory care units. Momentum Senior Living is the operator. VTBS Architects designed the buildings, while Rodrigo Vargas Design handled the interiors. W.E. O’Neil Construction was the general contractor. The site is located near Warner Tennis Center, grocery stores and Kaiser Permanente Woodland Hills Medical …

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DevelopmentFeaturesNews

Developers Shift to Repositionings Amid Economic Uncertainty, Say InterFace Panelists

by Jeff Shaw

As shovel-ready projects get put on hold, seniors housing developers are looking 24 months ahead hoping that by then the economic outlook will have improved. For now, they worry about a possible recession and rising costs for everything from debt financing to building materials as they turn their immediate focus to repositioning opportunities. “The industry has been hit with macro-economic shocks,” said Adam Heavenrich, managing director at Heavenrich & Co., a Chicago-based investment brokerage firm. “What you hear is that if you’re developing now, you’re crazy.” Heavenrich gave these opening …

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DevelopmentIllinoisNews

Centennial Expands Redevelopment Plans for Hawthorn Mall in Vernon Hills, Illinois to Include Seniors Housing

by Jeff Shaw

VERNON HILLS, Ill. – Dallas-based real estate firm Centennial has revealed plans to expand on its Hawthorn 2.0 redevelopment of Hawthorn Mall, a super-regional shopping center in Vernon Hills, a northern suburb of Chicago. Built in 1973, the mall currently houses over 120 retailers. Centennial first announced the redevelopment of Hawthorn Mall in 2019, which included new retail and dining options, luxury multifamily housing and indoor/outdoor gathering spaces. The expanded plans nearly triple the new development at the property and include 162 units of seniors housing, a 25,000-square-foot grocery store …

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Affordable HousingDevelopmentFloridaNews

Related Group Completes Renovations at Affordable Robert King High Affordable Community in Miami

by Jeff Shaw

MIAMI — Miami-Dade County and the county’s Department of Public Housing and Community Development (PHCD), together with Related Group, have completed renovations at Robert King High Community Center in Miami’s Little Havana neighborhood. First built in 1964 in response to a rapid increase in senior population, Robert King High Towers was a first-of-its-kind development in the Southeast. The community features 315 affordable housing units for seniors and a 10,000-square-foot community center. The community center renovations are now fully completed, with work on the residential towers well underway. The renovation preserved …

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