In what turned out to be a multi-year saga, the former director of development for Elderwood Senior Care (which was acquired in 2013 by Post-Acute Partners, a New York City-based health care services company), David Tosetto, is finally set to open a 150-unit assisted living community in Lockport, New York. In 2007, Niagara County closed the Mount View Health Facility, a 172-bed nursing facility, with the intention of replacing it with a new assisted living community, which was later determined to be financially infeasible.
So in 2012, Mr. Tosetto, offered to purchase the facility for $550,000 and convert it into a 150-bed assisted living community. The sale closed in 2013, and Tosetto commenced a $6.5 million, or $43,300 per bed, project to renovate the 75 year-old building, including the removal of asbestos. Work on the building is expected to finish this month, and applications will be accepted starting mid- to late-April. With a cost basis of $47,000 per bed, he should have a lot of financial flexibility.