A massive independent living development in the works on the campus of Purchase College SUNY in Purchase, New York is already 60% presold. And the ground has yet to be broken. Set on a 40-acre neighborhood, the development is expected to cost around $320 million. That’s nearly $1.5 million per unit. This isn’t Manhattan real estate, but building on a college campus in Westchester County must come at a cost.
It was originally conceived back in 2008, when the state legislature approved a plan for the college to lease some of its land for senior living purposes. The governor at the time, David Paterson, vetoed the bill, but current Governor Andrew Cuomo signed the bill into law in 2011 allowing the 40-year lease (later amended to 50 years) of 40 acres to the college’s not-for-profit Purchase College Advancement Corp.
By law, 75% of the project’s proceeds must go toward scholarships with the rest going toward hiring full-time faculty members. The “proceeds” will be the rental income the college receives from the land lease. The project will include 174 one- and two-bedroom units with underground reserved parking and an additional 46 two-bedroom townhouses with attached two-car garages. Twenty percent of the units have been designated as affordable and Westchester County residents will receive priority for half of those. And all seniors will be encouraged to continue their learning experiences while also taking advantage of cultural opportunities on campus. No wonder 60% of its units are already presold.
LCS is developing the project in a joint venture with Senior Care Development and the college’s not-for-profit sponsor that controls the lease. LCS will also operate the community going forward.
