June 5, 2014:
Your biweekly update on people, places, projects, plus…
Top Senior Living Developments
Name
Type
Developer
Cost
SilverCreek on Main,
Maple Grove, MN
106 IL, 41 AL,
48 MC
Ryan Companies/
Silver Crest Development
$29 million
Mission Oaks II,
Oxford, FL
31 MC
The Douglas Company/
Oxford V
$4.7 million
Sonoma House
Assisted Living
& Alzheimer Care,
Carrolton, TX
64 AL, 48 MC
Stroud Companies
$12 million
Vista Ridge Grand Opening Today
Today, June 5, Presbyterian Senior Living (PSL) is celebrating the grand opening of Vista Ridge, an independent living community on the 77-acre campus of Ware Presbyterian Village CCRC in Oxford, Pennsylvania. The $24.5 million expansion adds 31 one- and two-bedroom apartments and eight duplex “carriage houses” to Ware’s existing 79 independent living villas, 52 assisted living units, and 137 skilled nursing beds. A clubhouse with community space and a dining pavilion were also part of the expansion project.
Sustainability was a major factor that PSL incorporated into its plans for Vista Ridge. All apartment units will benefit from a geothermal HVAC system that uses underground temperatures for both heating and cooling, as well as from 30 underground storage areas for storm water runoff. PSL had to dig 110 wells, each several hundred yards deep, to install the systems—an expensive initial investment that PSL is sure will benefit the organization over the long term (expected ROI is five-to-eight years) and will reflect positively on resident fees.
Architectural Concepts, LLP designed Vista Ridge, and Benchmark Construction, LLC was the contractor; both firms are located in southeastern Pennsylvania. A second independent living apartment building—phase two of the Vista Ridge expansion project—is scheduled to begin shortly. PSL, based in Dillsburg, Pennsylvania, provides housing, health-care, and related community services to approximately 6,000 seniors in 29 locations in Pennsylvania, Maryland, Ohio and Delaware….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
“Flex-room” design for new DFW Metroplex community
Construction will begin this month on Rochester Springs Assisted Living and Memory Care, a 95-unit senior-care community in Mansfield, Texas—a suburban town in the Dallas-Fort Worth Metroplex. The $11.5 million project is part of a larger office and mixed-use campus. When completed, Rochester Springs will comprise 51 assisted living and 44 memory-care units. The ground floor of the two-story building will have two memory-care neighborhoods—residences and common areas—with secure activity courts. Assisted living residences and common areas will be on the second floor. The building will feature two interior courtyards, two dining venues, a salon, and other amenities. All of the residential units were designed to stack vertically in order to reduce construction costs.
Designed by Dallas-based architectural firm “three: living architecture”, the project will include “flex rooms”—rooms designed with flexibility to meet future demand, according to Gary Koerner, three’s founder and president. All living units will meet the most stringent local and state requirements, allowing them to function as either assisted living or memory care as the need arises and without requiring alterations. “Not only will this community be a wonderful home for its residents, but it will also be built to allow for potential repurposing,” he said.
UDC Global is the developer of the project, Hill & Wilkinson is the general contractor, and 12 Oaks Management Services Inc. will operate Rochester Springs upon completion. The finished community is expected to open in June 2015….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Groundbreaking in Connecticut for Masonicare at Mystic
Masonicare, one of Connecticut’s oldest and largest organizations dedicated to seniors and health care, launched its new retirement community, Masonicare at Mystic, on May 29 with a ceremonial groundbreaking celebration. The 18-acre site in the town of Stonington’s historic (and charming) borough of Mystic abuts 45 acres of open space recently acquired by Denison Pequotsepos Nature Center. Masonicare at Mystic will have 179 upscale rental units—81 independent living, 50 assisted living, and 48 dedicated to memory support. The community will offer one- and two-bedroom apartments and a few studios; amenities will include a bistro, several dining rooms, a pool, fitness center, shops, and walking trails. Construction costs for the project are estimated at $31 million.
The town of Stonington has welcomed Masonicare with open arms, as the new facility will provide about 150 full- and part-time local jobs. And even though it is a not-for-profit organization and exempt from local property taxes, Masonicare has voluntarily agreed to make yearly payments to the town that equal the municipal portion of the tax bill.
Masonicare has been serving Connecticut residents since 1895, when it opened The Masonic Home (a residence for elderly individuals and orphans with a Masonic connection) on an 88-acre homestead in Wallingford. Today, Masonicare is the largest provider of senior services in the state. The organization currently operates two senior living campuses in Connecticut—Masonicare Health Center in Wallingford and Masonicare at Newtown—as well as a statewide home-care and hospice agency that operates out of seven regional offices and touches 3,000 patients each month. Once Masonicare at Mystic opens, the home-care agency will relocate its headquarters to Mystic.
Bessolo Design Group of St. Petersburg, Florida, designed Masonicare at Mystic, Klewin Construction of Stonington is the construction manager, and BROM Builders, Inc. of nearby Norwich is co-developer. Masonicare will manage the community upon completion in fall 2015….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
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NEW – The Senior Care Acquisition Report, 19th Edition – Now Published!
Deals have been made. The 2014 Senior Care Acquisition Report contains private deals in this market that are frequently too small to make it into the financial press. Order by June 30th and recieve a complimentary $150 worth of deals in our online senior care m&a database. Now that’s a deal! Go to http://www.levinassociates.com/landing/scar19order or call 800-248-1668 to order today.
Upcoming Interactive Webcast:
Dual-Eligible Integration Projects: What Does It Mean For You?
Thursday, June 19, 2014, 1:00 pm ET
Several states have started dual-integration demonstration projects to achieve financial and administrative efficiencies and improve care coordination and health outcomes for participating dual-eligible enrollees. On the other hand, Medicaid managed care for skilled nursing may result in a $20-30 daily rate drop. What does all this mean for you? Go to http://www.levinassociates.com/conferences/1406b-online-conference or call 800-248-1668 to register.
Webcast Calendar… Click here to see more
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