Emerald Heights, a large, not-for-profit CCRC founded in 1992 in Redmond, Washington, officially broke ground on an assisted living expansion project. The building will include 54 one-bedroom units, along with a new dining space, activity rooms, an outdoor patio and a centralized courtyard. Its cost is reportedly $55 million, or over $1.0 million per unit, which is very high for new construction, let alone for an expansion project. The community expects to finance the expansion with a bond issue from the Washington State Housing Finance Commision.
Sponsored by the not-for-profit Emerald Communities, the community previously expanded in 2022 with a brand-new, three-story, 42-unit independent living building, at a cost of $63 million, or $1.5 million per unit. Emerald Heights funded the IL project with a $35 million construction loan. Prior to these two projects, the community included 333 independent living units, 56 assisted living units and 61 skilled nursing beds.
