We have heard from some that there is a huge opportunity for urban seniors housing, with more seniors, and eventually (and we mean years down the road) desiring to live in a downtown setting, surrounded by shops, restaurants and entertainment outside of their own building. A few examples of developers looking to satisfy this in a big way are The Clare of Water Tower (the 53-story CCRC in Chicago that cost approximately $270 million to build) and Maplewood Senior Living’s latest development in Manhattan (with 20 stories and 214 units at a cost of $246 million), to name a couple. Columbia Pacific Advisors, a Seattle-based alternative investment firm, is now planning a 24-story, 237-unit senior living community in Seattle’s First Hill neighborhood on property that will continue to be owned by the Archdiocese of Seattle with a ground lease. There is no approximate cost released yet, but construction in anticipated to begin in 2017 and finish in 2019. Over the years, Columbia Pacific had a strong relationship with Emeritus, as the company’s founder, Dan Baty, was also the founder and former CEO of Emeritus. Is Baty making a U.S. seniors housing comeback? Nah.
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