Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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www.seniorshousingbusiness.com 15 August-September 2015 n Seniors Housing Business Development Omega, Maplewood to develop $246 million luxury community in Manhattan New York — Connecticut-based operator Maplewood Senior Living has announced the development of a luxury senior living residence on fve plots that subsidiaries of Omega Healthcare Investors (NYSE: OHI) purchased on the Upper East Side of Man- hattan for $112 million. The development plan is to raze the buildings to build a single tower. The total project cost will be $246 million, including the land cost. The luxury senior living community will be a 20-story, 201,000-square-foot tower featur- ing 214 units of independent liv- ing, assisted living and memory care. The luxury residence will be developed on a site compris- ing 1802, 1804-06, 1808 and 1810 Second Ave. and 303-305 E. 93rd St. The properties were purchased in an all-cash transaction from fve separate sellers. Michael Besen and Rolfe Haas of Besen & Associates represented all fve of the sellers. Demolition and site prepara- tion is slated to begin mid-year 2016 with the tower completion expected by early 2018. "We are excited to be able to provide true luxury senior living to the Upper East Side of Manhat- tan," says Gregory Smith, chair- man and CEO of Maplewood Senior Living. "This marketplace is greatly underserved in senior living accommodations and we look forward to developing a project of this magnitude." Maplewood selected Handel Architects to design the luxury senior living residence. Render- ings have not yet been released. This will be the frst Maple- wood facility in New York State; the company currently operates 11 facilities in Connecticut, Mas- sachusetts and Ohio. Aegis breaks ground on Chinese-American seniors housing community and cultural center Newcastle, Wash. — Seniors housing developer Aegis Living has broken ground on assisted living/memory care community Aegis Gardens in Newcastle near Seattle, mark- ing the Pacifc Northwest's frst senior living community for Chinese-Americans. Situated on a 7.5-acre waterfront site with access to Lake Boren, the resort-style, 110-home community is slated to open in 2017. When com- pleted, Aegis Gardens' activity center will host civic activities and cultural exhibitions. The center will also provide daycare services to promote multigen- erational engagement. According to Nielson, 92,000 Chinese-Americans live within a 25-mile radius of the New- castle location. Aegis Gardens' com- munity programming will include celebrations of Chinese holidays, traditional cuisine representing major regions of China, mahjong, calligraphy, cribbage, Tai Chi classes, a central Zen garden and a tearoom. Staff fuent in Cantonese, Mandarin and English will provide 24-hour care. The development site in Newcastle, a block from the Bellevue city line, is culturally relevant for Chinese-Americans because immigrants from China mined coal there in the late 1800s, contributing to Seattle's rise to prominence. Aegis Gardens near Seattle, shown here in a rendering, will include 110 units marketed specifcally to the area's Chinese- American population A D V I S O R Y, E V O L V E D . Blueprint provides a solutions agnostic approach within the healthcare real estate industry, increasing optionality and maximizing value for its clients. blueprintHCRE.com

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