NEW YORK CITY — Seniors housing REIT giant Welltower Inc. (NYSE: WELL) and international real estate firm Hines have announced plans for a 17-story seniors housing community on the Upper West Side of Manhattan.
The project will be the second of its type for the partnership. A 16-story seniors housing community named The Welltower is currently under construction in Midtown. An undisclosed “passive institutional investor” is also involved in both projects.
The companies acquired the development site, located at Broadway and 85thStreet. Plans call for a 140,000-square-foot “The Welltower West” building rising from the 9,100-square-foot plot. Existing commercial structures on the site will be demolished to make way for construction.
“We are proud to build on our partnership with Welltower to identify and secure excellent urban sites for the creation of extraordinary senior living communities,” says Tommy Craig, senior managing director of Hines.
“The Upper West Side of Manhattan is a uniquely distinct neighborhood with a large population of affluent seniors yet zero supply of modern, purpose-built residential care communities,” adds Tom DeRosa, CEO of Welltower. “This location is in the top percentile of the demand curve for our target households and The Welltower West will offer a seamless extension of this unique neighborhood for our residents.”
SLCE Architects LLP will design the project. Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, both out of their respective New York regional offices, led the transaction teams on the land acquisition.