Seniors Housing Business

AUG-SEP 2018

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

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Development 18 www.seniorshousingbusiness.com Seniors Housing Business n August-September 2018 Orlando, is partnering with Amaz- ing Explorers Academy for the property, known as Arya at Tap- estry. The seniors housing portion will offer independent living and assisted living. The education por- tion will offer pre-school for chil- dren up to age 4, and after-school programming for children ages 5 through 12. "We envision students reading to the residents and residents read- ing to the students on a daily ba- sis," says Vishaal Gupta, president of Park Square Enterprises. "We will have shared activity space, a farm-to-table program and fea- tured farmer's markets where the residents and the children will sell their produce side-by-side to the community at large." American Healthcare Manage- ment Group, led by industry vet- eran Joe Jasmon, will operate the community upon completion. Con- struction is scheduled to begin in early 2019. CCRC in Virginia prepares to break ground on $140 million expansion Norfolk, Va. — Harbor's Edge, an independent, nonprofit continuing care retirement community, is pre- paring to break ground on a $140 million, 24-story expansion. The expansion, known as River Tower, will add 135 new units. Once the expansion is complete, the com- mon areas of the existing building will undergo complete renova- tions. The expansion was originally planned to begin shortly after the community initially opened in 2006. However, the Great Recession de- layed those plans until now. Clark Nexsen is the architectural design firm and W.M. Jordan Co. is the general contractor. The team plans to break ground this fall for completion in late 2020. Innovative. Capital. SOLUTIONS. www.ltcreit.com Joint Venture Preferred Equity Mezzanine NNN Lease Big Rock, Kiawah Partners to develop $125 million community near Charleston, South Carolina Kiawah Island, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 mil- lion seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will feature independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. "There's been exponential growth in the active senior population in the Charleston area," says Richard Ackerman, senior managing partner at Big Rock. "We wanted to bring a state-of-the-art senior liv- ing experience to the Lowcountry." The community will feature its own movie facility, multiple pools, a fitness center with a yoga studio, and multiple food and beverage options. Kiawah Partners is the master developer of Kiawah Island and owner of the private Kiawah Island Club, which is home to golf courses, a spa, sporting club and private restaurants. Big Rock and Kiawah Partners plan to break ground on the com- munity before the end of 2018. The project team includes architect LS3P, landscape architect SGA Architecture and general contractor Balfour Beatty. Life Care Services will manage the new community upon completion, planned for the first quarter of 2020. Based out of Delray Beach, Fla., and Beverly Hills, Calif., Big Rock has opened two similar seniors housing communities in Florida in the past year. Over the past 30 years, the private real estate investment and man- agement firm has acquired, developed, financed and operated com- mercial real estate and seniors housing assets valued at more then $3 billion. When completed, the unnamed project will offer 200 units of independent living, assisted living and memory care on Kiawah Island.

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