August 14, 2014:
Your biweekly update on people, places, projects, plus…
Top Senior Living Developments
Name
Type
Developer
Cost
Cedar Park,
North Austin, TX
20 MC
U.S. Memory Care
$15 million
Autumn Leaves of Gurnee,
Gurnee, IL
110 IL
The LaSalle Group
$11.3 million
The Village at Athens,
Athens, GA
70 AL/MC
Thrive Senior Living/
Paragon Real Estate
Undisclosed
Wichita Presbyterian Manor redevelopment: Phase 1 nearing completion
Presbyterian Manors of Mid-America (PMMA) is on track to complete the first phase of its $35 million redevelopment of Wichita Presbyterian Manor by the end of this summer. Phase one of the overall project includes the transformation of 48 assisted living apartments, 24 memory care suites, and 50 skilled nursing suites. Phase one also includes a Post-Acute to Home (PATH) rehabilitation wing and new health-care common spaces, including a new main kitchen. The redevelopment project will allow Wichita Presbyterian Manor to provide memory care services for the first time.
Phase two of the campus expansion will add The Westerly Residences at Wichita Presbyterian Manor, a new independent living option with 90 apartment homes, multiple dining venues, and an array of social, cultural, educational, and spiritual programs and activities. Phase two construction should be completed by late summer 2015.
Wichita-based PMMA, founded in 1949, currently serves more than 2,500 seniors in 18 Kansas and Missouri communities. Wichita Presbyterian Manor is located on 13 acres in a residential neighborhood in northwest Wichita…Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Rental CCRC coming to Raleigh, North Carolina
Site work is underway on what will be Raleigh’s first licensed, rental CCRC. The Cardinal at North Hills will be breaking ground soon. Once complete, the new community will offer month-to-month rental units—unlike most CCRCs, which require an entrance-fee contract.
The Cardinal will have 165 independent living residences, plus 60 on-site private apartments licensed for assisted living, memory care, and nursing care. Residents will have direct access from their buildings to a secure, underground parking garage and to the 35,000 square foot clubhouse, which will have appropriate spaces for social, spiritual, and vocational activities, as well as multiple dining venues: the main dining room with views of the garden; a bistro/café with a full-display kitchen; a residential-style kitchen and family room for private dining; and a tavern with an outdoor terrace for cocktails and socializing. A fully equipped fitness center and spa complex includes an indoor pool, strength training room, yoga studio, and salon.
Rental rates for the independent living apartments will range from $3,850 for an 800-square-foot unit to $8,350 for a 2,080-square-foot-unit. The rental fee will include access to medical services and the clubhouse, as well as chef-prepared meals and social activities.
Carlsbad, California-based Kisco Senior Living is the project developer; Kisco will also manage The Cardinal upon completion. Founded in 1990, Kisco currently operates an entrance-fee CCRC in Florida and 20 independent living/assisted living communities in California, Florida, Hawaii, Texas, Virginia, and North Carolina. Sagewood at Daybreak, a new independent living/assisted living community under construction in South Jordan, Utah, is scheduled to open in early 2015…Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Three New MorningStar projects underway in Arizona, Colorado
Denver-based MorningStar Senior Living has broken ground on three new assisted living/memory care communities: one in Arizona and two in Colorado.
1. MorningStar at Arrowhead is an $18 million project on six acres in Glendale, Arizona. The new community will have 60 assisted living suites and 25 units devoted to memory care. The project is a joint venture between affiliates of MorningStar Senior Living and Real Capital Solutions, a Louisville, Colorado-based investment firm. OZ Architecture of Denver designed the project.
2. MorningStar of Fort Collins, also an $18 million project, will offer 55 suites for assisted living and 23 memory-care units. The project, designed by architectural firm Rosemann & Associates, also of Denver, is situated on 4.5 acres across from the Collinwood Golf Course and Warren Lake in Fort Collins, Colorado. MorningStar of Fort Collins is a joint venture between affiliates of MorningStar Senior Living and Millennium Venture Group (MVG), a Denver-based real estate development and investment firm. The two partners have a pair of additional projects scheduled to break ground this fall: MorningStar of Albquerque (New Mexico) and MorningStar of Wheat Ridge (Colorado), both 70-unit assisted living and memory care communities with opening dates scheduled for fall 2015.
3. MorningStar of Boulder, a $25 million project on five acres in Boulder, Colorado, will feature 48 suites for assisted living and 46 memory-care units. The Boulder project is the second joint venture between affiliates of MorningStar Senior Living and Haselden Construction, also based in Denver. The two partners have several more projects planned for future senior living development, including sites in Lone Tree and Littleton, Colorado.
Each of the three new MorningStar communities will provide 24-hour staffing and full-time licensed nurses. Residents will enjoy restaurant-style dining, 24-hour bistros, health and wellness facilities, daily planned activities and outings, a movie theater, a salon, housekeeping and linen service, concierge services, and scheduled transportation. All three communities are scheduled to open in June 2015.
Founded in 2003, MorningStar Senior Living is a fully integrated operator, owner and developer of senior living communities. MorningStar currently owns, operates, or has under development a portfolio of more than 2,400 units in 20 communities across the Midwest, Rocky Mountain, and West Coast regions…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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