Perhaps as a sign of the strength of both the CCRC and independent living markets, a CCRC in Seattle, Washington just broke ground on a 21-story, 77-unit independent living tower on its existing campus in the First Hill neighborhood. Owned by Transforming Age, a national not-for-profit with existing communities in Washington, Minnesota and Nebraska, it announced that the project is already 70% presold two years before the expected 2021 opening.
The tower will include a mix of one-bedroom and two-bedroom units, as well as penthouse apartments. There will also be a 240-seat performing arts center, full-service spa, bar, café and a club room with panoramic views of Puget Sound and the Olympic Mountains. Plus, it is located in the heart of downtown Seattle, allowing its residents to take advantage of the local amenities. With that location and those views, it’s no wonder presales are pouring in. The Washington State Housing Finance Commission issued $140 million in tax-exempt and taxable bonds to fund the development.
