Development

DevelopmentFinanceIndependent LivingNewsNorth Carolina

CBRE Arranges Construction Funding for 12-Story Village on Morehead Community in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — CBRE Senior Housing has arranged an undisclosed amount of construction financing for The Village on Morehead, a seniors housing community in Charlotte. The borrower is a joint venture between Bridgewood Property Co. and Harrison Street. The 12-story, Class A development will feature 199 units of independent living, with assisted living services arranged by Bridgewood’s wholly owned management company, Retirement Center Management (RCM). The property sits on “an irreplaceable infill site between downtown Charlotte and the city’s most desirable neighborhoods,” according to CBRE. Aron Will, Austin Sacco and …

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DevelopmentIllinoisNews

City of Chicago Approves $3.8B Mixed-Use Project to Include Seniors Housing

by Jeff Shaw

CHICAGO — The Chicago City Council has given approval for the development of Bronzeville Lakefront, a $3.8 billion mixed-use project located in Bronzeville, a South Side neighborhood. Michael Reese Hospital and Medical Center, which closed in 2008, formerly occupied the 48-acre development site. The City of Chicago acquired the property in 2009 and cleared most of the land over the ensuing months. A team of local developers known as GRIT was selected to purchase the site for $96.9 million through a redevelopment agreement. GRIT comprises Farpoint Development, Loop Capital Management, …

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Assisted LivingDevelopmentFloridaNews

CIP Group, Linkvest Capital to Build 120-Bed Assisted Living Facility in Dadeland, Florida

by Jeff Shaw

DADELAND, Fla. — Sunset Point ALF, an affiliate of Miami-based real estate development firm CIP Group, and LV Development, an affiliate of Miami-based Linkvest Capital, have formed a joint venture to develop a 40,000-square-foot, 120-bed assisted living facility in an unincorporated area near Dadeland. The partners acquired the vacant site for $3.7 million from the Stupp Family Partnership. The developers are expected to break ground on the project in the first quarter of 2022 CIP Group and Linkvest Capital, through its LV Lending affiliate, are also developing Miami Springs Town …

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Assisted LivingDevelopmentIllinoisNews

ISL Ventures Completes 88-Unit Mount Prospect Senior Living in Illinois

by Jeff Shaw

MOUNT PROSPECT, Ill. — ISL Ventures has completed construction on Mount Prospect Senior Living, an assisted living and memory care community in Mount Prospect, approximately 20 miles northwest of Chicago. The 78,000 square-foot building features 56 assisted living units and 32 memory care units. Partners on the project include Leading Light Development, Pi Architects, Charles Hall Construction, Manhard Engineering, TDi and EEA Consulting Engineers. Integral Senior Living is the operator.

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Active AdultDevelopmentFinanceFloridaIndependent LivingNews

United Group Receives $48M Construction Financing for The Alloro at University Groves in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — The United Group of Companies has received a $48 million construction loan from Trez Capital, with the funds used to build The Alloro at University Groves. Located in the coastal Tampa suburb of Sarasota, the community will feature 183 units of what the developer calls “independent living lite,” a bridge between active adult and independent living. Units are restricted to those age 55 and older. Units will vary in size between 708 and 2,232 square feet. A 15,210-square-foot clubhouse will serve as the center of the community. …

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Assisted LivingDevelopmentNewsOhio

Confluent, HRA Break Ground on 108-Unit HarborChase of Shaker Heights in Ohio

by Jeff Shaw

SHAKER HEIGHTS, Ohio — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on a 106,698-square-foot assisted living and memory care community in Shaker Heights, a suburb of Cleveland. Representing the first project of its kind to break ground in this city within the past 20 years, HarborChase of Shaker Heights will address the unmet demand among local residents for this housing option. The three-story community will offer 108 licensed senior living units, comprising 80 apartments for assisted living and 28 units for memory care residents. The community …

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AcquisitionsDevelopmentMassachusettsNews

Cushman & Wakefield Negotiates $14.6M Sale of Two Entitled Development Sites in Massachusetts

by Jeff Shaw

NATICK and MILLIS, Mass. — Cushman & Wakefield has arranged the sales of two entitled seniors housing development sites in Natick and Millis, located approximately nine miles from each other between Boston and Worcester. Barberry Homes sold the assets to Anthology Senior Living for $14.6 million. The Natick site, when complete, will consist of 86 assisted living and memory care units on 5.5 acres and the Millis site will feature 105 independent living, assisted living and memory care units on 7.7 acres. The Cushman & Wakefield team that led the …

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Affordable HousingDevelopmentIllinoisNews

Evergreen, Synergy, Chicago Housing Authority Complete $81M Affordable Seniors Housing Community

by Jeff Shaw

CHICAGO — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority have completed construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on the north side of Chicago. The property was previously the Ravenswood Hospital, which was built in 1974 and fell vacant in 2002. The redevelopment project cost $81 million and took a year-and-a-half to complete. Located between Damen and Ravenswood avenues, Ravenswood Senior Living is a 10-story building that is situated close to public transit, including the Damen and …

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Assisted LivingDevelopmentNewsWashington

Alliance Residential Starts Construction of 136-Unit Holden of Bellevue in Washington

by Jeff Shaw

BELLEVUE, Wash. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open this fall. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden …

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DevelopmentFloridaIndependent LivingNews

Joint Venture Unveils Plans for Watersound Fountains Independent Living in Panama City Beach, Florida

by Jeff Shaw

PANAMA CITY BEACH, Fla. — A joint venture between The St. Joe Company, Watermark Retirement Communities and BRW Origins LLC has released plans for Watersound Fountains, a 148-unit independent living community in Panama City Beach. The four-story property will be part of the Watersound Origins development in the waterfront vacation destination located on Florida’s panhandle. The planned community is currently under development adjacent to Watersound Town Center and a future Publix supermarket. Watermark will be the operator. “This extraordinary location will offer our residents easy access to natural coastal beauty, …

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