Bourne Financial Group, Park Avenue Lifestyle (part of the Bourne Financial Group family of companies) and Bob Bourne are partnering to develop a large senior living community in Bel Air, Maryland, near Baltimore. The community will be a part of James Run, a 108-acre mixed-use development currently in the works. Once complete, the mixed-use property will consist of 300 residences across six buildings, townhouse villas and apartments totaling 270 units, and the senior living community. There will also be retail space, office/medical space, a daycare, hotel and conference center.
Featuring a total of 160 units, the senior living community will have independent living and assisted living services. The five-story community will also have a fitness center, restaurant, pub, event space, courtyards and walking paths. The partnership between Park Avenue Lifestyle, Bob Bourne and Bourne Financial Group bought the land parcel, with Hogan Cos. brokering the transaction. Completion of the community is expected for 2025 and at a cost of $70 million, or around $440,000 per unit.
JEN Partners is developing the project with Craftsmen Cos., and MacKenzie Commercial Real Estate Services is the exclusive leasing broker.
