Seniors Housing Business

FEB-MAR 2017

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

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Development 14 www.seniorshousingbusiness.com Seniors Housing Business n February/March 2017 www.blueprintHCRE.com delivers. Evergreen completes $24 million conversion of historic hospital Aurora, Ill. — Evergreen Real Estate Group is set to open Aurora St. Charles Senior Liv- ing, a 60-unit affordable seniors housing community in the Chi- cago suburb of Aurora. The project is a $24 million redevelopment of St. Charles Hospital, a historic art deco building near the city's down- town. Evergreen started on the rehabilitation in December 2015. Designed by Wybe J. Van der Meer, the former hospital was built in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevel- opment, the building had been vacant since 2010, the year it was added to the National Register of Historic Places. Evergreen Real Estate Group collaborated with Invest Aurora, Northern Lights Development Corp., the City of Aurora, Illinois Housing Development Authority (IHDA) and Illinois Department of Commerce and Economic Opportunity, along with sev- eral private lenders and inves- tors, to secure financing and tax credits needed to fund the rehabilitation. Evergreen obtained approxi- mately $3 million through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront develop- ment in Aurora and other Illinois cities. A combination of federal historic tax credits, low-income housing tax credits allocated by IHDA and private financing funded the balance of the project. Aurora St. Charles Senior Living will occupy this former hospital built in 1932, but vacant since 2010. Quadrum Global, DeAngelis Diamond break ground on $95 million community Fort Myers, Fla. — Development firm Quadrum Global and general contractor DeAngelis Diamond have broken ground on Avida Se- nior Living, a 460-unit independent living, assisted living and memory care community in Fort Myers. The resort-style community is lo- cated on a 32-acre site adjacent to the 279-acre Lakes Regional Park, a public park that runs along Gladi- olus Drive. Development costs for the 488,265-square-foot campus are estimated at $95 million. When completed, Avida Senior Living will feature 272 indepen- dent living apartments, 28 cottage- style residences, 125 assisted living apartments and 35 memory care apartments. Quadrum Global, which has of- fices in New York City and Miami in addition to several international offices, has assembled a team of lo- cal companies for the development. These include Naples-based DeAn- gelis Diamond; Fort Myers-based architecture firm Studio+; Florida- based civil engineering firm Banks Engineering; Bonita Springs-based engineering firm Waldrop Engi- neering; Fort Myers-based struc- tural engineering firm Select Struc- tural; and Fort Myers-based law firm Henderson Franklin. Quadrum has also formed a sep- arate entity, Quadrum Senior Liv- ing Management, to manage the community's construction and op- erations. Colin Marshall, a senior living veteran with more than 20 years of management experience, leads the new company. Avida Senior Living is scheduled to open in fall 2018. StudioSIX5 de- signed the interiors. Singh Development building $50 million community in Raleigh Raleigh, N.C. — Singh Develop- ment, a multifamily owner-opera- tor with communities in Michigan and North Carolina, has started construction of Waltonwood Lake Boone, a 183-unit independent liv- ing, assisted living and memory care community in Raleigh. Development costs for the 285,000-square-foot project are esti-

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