Knoxville, Tennessee-based Dover Development has gone back to school on its latest senior living development projects. That is, the firm has specialized in renovating neglected historic buildings, including most recently a couple of former schools, into seniors housing. First, Dover has already begun work on renovating an 80-year old (and unoccupied for 25 years) former high school in South Knoxville. After purchasing the school for $1,000 from the city of Knoxville, Dover embarked on $9.5 million ($158,300 per unit) renovation of the building, which will include 60 units of assisted living and memory care by its expected 2018 opening.
Dover didn’t stop there in Knoxville. The company is in the process of renovating the former Knoxville High School building, which was built in 1910 but used as an administrative building for Knox County schools since 1951. Dover is now converting it into a 75-unit independent living community, complete with a full kitchen and washer/dryer connection in each unit. The project is estimated to cost around $15 million, or $200,000 per unit, and will bring the building up to LEED environmental standards too. Dover expects to complete the community this Fall. Next up for Dover will be an $8.8 million renovation of former elementary school in Macon, Georgia. The school has been vacant for several years but will soon feature 60 senior living units.
