Seniors Housing Business

OCT-NOV 2017

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

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Development 14 Seniors Housing Business n October-November 2017 second developed by Pathway to Living since the company formed an equity partnership with Water- ton, a Chicago-based real estate firm specializing in multifam- ily and hospitality properties. The firms' first joint project, Azpira Place of Lake Zurich, a 120-unit as- sisted living and memory care com- munity in Lake Zurich, Ill., opened in May 2017. Pathway now has 31 communities currently operating or under construction throughout the Midwest. Pathway to Living, formerly named Pathway Senior Living, is a Chicago-based developer, owner and operator of seniors housing communities totaling more than 2,800 units in Illinois, Kansas, Min- nesota and Wisconsin. Emerald Communities opens $145 million CCRC near Seattle Gig Harbor, Wash. — Emerald Communities has opened Heron's Key, an 18-acre continuing care re- tirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimat- ed at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent liv- ing homes range from 729 to 1,800 square feet. Heron's Key offers a financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle- based operator. Intergenerational Living breaks ground on $72 million community in Minnesota Stillwater, Minn. — Intergenera- tional Living & Health Care Inc. (ILHC) has broken ground on The Lakes at Stillwater, an independent living, assisted living and memory care community in the Minneapolis suburb of Stillwater. Phase I of construction will in- clude The Lodge, a 139-unit in- dependent, assisted living and memory care community. Phase II, Birchwood Landing, will include 30 independent living, single-sto- ry, two-bedroom villas. Phase III, Sandhill Shores, will add 70 one- and two-bedroom age-restricted apartments. ILHC is a Minnesota-based non- profit organization that tries to create intergenerational program- ming to bring children and seniors together. The plot was strategically chosen for its proximity to Ruth- erford Elementary School, and the community will host intergenera- tional programs. The campus will be located on 50 acres. The Goodman Group, a Minne- sota-based seniors housing devel- oper, is leading the development. Other partners on the project in- clude Welsh Construction as gen- eral contractor, Trossen Wright Plutowski Architects for architec- tural services, Northland Real Es- tate Group as co-developer, and Landform Professional Services for civil engineering and planning ser- vices. ILHC will own and operate the community once completed. delivers strategy. Heron's Key is located on 18 acres and features 275 units of independent living, assisted living and skilled nursing in the Seattle suburb of Gig Harbor.

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