Development

ArizonaDevelopmentNews

Link Senior Development, MedCore Partners Plan 202-Unit Community in Buckeye, Arizona

by Jeff Shaw

BUCKEYE, Ariz. — Link Senior Development and MedCore Partners have unveiled plans for Ativo of Sundance, a 202-unit senior living community inside the Sundance Active Adult master-planned community in the Phoenix suburb of Buckeye. The campus will offer 103 independent living, 75 assisted living and 24 memory care units on a 10-acre tract. Construction of the 211,000-square-foot, three story project is scheduled to begin in late 2021 for an anticipated opening in summer 2023. Insight Senior Living will manage the community, including oversight of all programs and resident services. This …

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Assisted LivingDevelopmentNewsTexas

LifeCare Properties, ERG Enterprises Plan The Blake at Tyler in Texas

by Jeff Shaw

TYLER, Texas — LifeCare Properties and New Orleans-based investment group ERG Enterprises have released plans for The Blake at Tyler, a senior living community in the East Texas city of Tyler. Scheduled to open in 2023, the property will be the third Blake-branded community in Texas. Blake Management Group will be the operator. The community will total 100,000 square feet and offer assisted living and memory care units.

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DevelopmentFinanceFloridaNews

Madison Marquette Receives Construction Financing for $37M Project in Punta Gorda, Florida

by Jeff Shaw

PUNTA GORDA, Fla. — Madison Marquette has received the construction loan for a 135-bed seniors housing community in Punta Gorda, just northwest of Fort Myers. The project is the second project for Madison Marquette with partners Arbah Capital and operator Meridian Senior Living. The partners recently developed a 117,000-square-foot, 144-bed community in the Tampa suburb of Brandon. H2C Securities Inc. a healthcare-focused strategic advisory firm, served as the exclusive advisor to the borrowers. Vice President Matthew Tarpley and Senior Associate Mitch Levine led the transaction for H2C. The $37 million …

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DevelopmentNew JerseyNews

Reuten Associates Plans 195-Unit Residences at Reuten Park in Closter, N.J.

by Jeff Shaw

CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for The Residences at Reuten Park, a 195-unit seniors housing development in Closter, approximately 15 miles north of Manhattan. The Residences at Reuten Park will replace five obsolete post-World War II-era manufacturing buildings located within the Reuten Corporate Park. The community will offer independent living, assisted living and memory care units on a six-acre plot. The project will take approximately 15 months to build, and still requires approval of Closter’s Zoning Board of Adjustment. “We believe that transforming …

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Active AdultDevelopmentFeaturesNews

Design of Active Adult Properties Must Appeal to Multiple Generations, Say InterFace Panelists

by Jeff Shaw

As a concept, the term “active adult” supports the notion that age is just a number. As an evolving subcategory of seniors housing, active adult is a property type that means different things to different people. For that reason, designers and builders of this asset class face the unique challenge of visualizing and delivering communities that appeal to a broad range of renter profiles. Effective, consistent branding is one of the biggest challenges within the active adult sector, which is very much in its infancy relative to other commercial property …

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Active AdultDevelopmentNevadaNews

Sparrow Partners to Build Two Active Adult Communities in Henderson, Nevada

by Jeff Shaw

HENDERSON, Nev. — Sparrow Partners has unveiled plans for its first two active adult communities in the Las Vegas area: the 173-unit Mera Rhodes Ranch and 189-unit Mera Henderson. Both located in the first-ring suburb of Henderson, the communities are under construction and scheduled to open in mid-2022. “Las Vegas has one of the fastest growing populations of older adults in the nation, including many healthy seniors who no longer want to own a high-maintenance home but don’t yet need expensive support services,” says Jeff Patterson, co-founder of Sparrow Partners. …

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Affordable HousingDevelopmentFinanceFloridaNews

Centennial Bank Provides $33M Construction Loan for Affordable Community in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — Centennial Bank Southeast Florida has provided a $33 million loan to CREI Holdings LLC for a development of an affordable seniors housing community in Sweetwater, a suburb of Miami. CREI plans to develop an eight-story, 217,000-squarae-foot, 244-unit community on the five-acre parcel, citing area population growth during the pandemic. The site was formerly Vann Academy, a school and daycare center that closed its doors around the start of the pandemic. The future community will comprise one- and two-bedroom units ranging from 609 to 874 square feet. The …

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Active AdultDevelopmentFloridaNews

BCC Construction to Build $30M AVIVA at Port St. Lucie Project in Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — BCC Construction, a Prospect Real Estate Development Group company, has been awarded the contract to build AVIVA at Port St. Lucie, a $30 million senior living center in the South Florida city of Port St. Lucie. Miami-based developer Lloyd Jones is leading the project. The age-restricted residential complex will feature 159 units. Construction is expected to begin in early August 2021 and for completion in early 2023.

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Affordable HousingDevelopmentFrom The Magazine

Not Your Grandpa’s Affordable Housing

by Jeff Shaw

Newer senior living developments feature environmental sustainability, amenities and services far beyond the residences of the past. By Jeff Shaw The development strategy for affordable seniors housing of the past seemed to have one overarching goal: Don’t spend too much. Generally, the apartments were simply typical affordable housing units with age restrictions for residents, built as cheaply as possible to counteract the lower rents. That’s not the case anymore. Affordable seniors housing today features a host of amenities and services on site, and a strong focus on environmental sustainability.  “Prior …

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CCRCDevelopmentIndustry Voices

CCRC Model is Changing for the Better

by Jeff Shaw

Opportunities are available in renovating old stock and building niche communities. By Richard Ackerman Upheaval in the continuing care retirement community (CCRC) market is changing the assumptions and opportunities that fueled the senior living trend for over 40 years. Today’s investors can find new opportunities at two ends of the spectrum — redevelopment of aging CCRCs and new development of smaller-scale CCRCs in upscale niche markets. With conventional private equity financing hard to come by, creative approaches, including structuring CCRCs as nonprofits, offer a proven path to bring communities to …

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