Evergreen Real Estate Completes Affordable Housing Project
Ravenswood Senior Living, a 193-unit affordable seniors housing development in Chicago’s Ravenswood neighborhood, was recently completed by Evergreen Real Estate Group (Evergreen), Synergy Construction Group (Synergy) and the Chicago Housing Authority (CHA). The original 10-story structure, formerly Ravenswood Hospital, was erected in 1974 and emptied in 2002. The $81 million redevelopment/renovation project took a year and a half to complete. The property now has 74 one-bedroom independent living apartments for Chicago Housing Authority residents and 119 units for participants in the Illinois Supportive Living Program, which is run by the Illinois Department of Healthcare and Family... Read More »
Is New Development Back Sooner Than Thought?
Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield represented Barberry Homes in their sale of two entitled seniors housing sites in Massachusetts. One site in Natick will consist of 86 assisted living and memory care units on 5.53 acres, while the other in Millis will feature 105 independent living, assisted living and memory care units on 7.697 acres. The sales price came to $14,550,000, or just over $76,000 per unit that will be built. That is a relatively high price, but they are both located in the Boston suburbs where land values are high the entitlement process can be tough. As originally proposed, the Natick building will have... Read More »
Capitol Seniors Housing Breaks Ground in Georgia
Construction is underway at The Outlook at the Exchange, an active adult community in Buford, Georgia. The 200,000-square-foot, four-story community will offer 180 residential units. The community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. Capitol Seniors Housing developed and invested in this project. This venture comes two months after CSH broke ground on Arbor Terrace Marlton, an 87-unit AL community in southern New Jersey. Element Architects is the design firm for The Outlook, and Core Construction is the general contractor. The project is scheduled to open in late 2022. Read More »
Developers Breaking Ground on Numerous Projects
Several new construction projects were announced late last week in the seniors housing and skilled nursing industries, which is a positive sign after the year that operators have experienced. The pandemic understandably made developers wary of continuing with or beginning construction, not only due to the virus but also the high labor and construction costs and negative media coverage of the industry. And yet, construction is pushing forward, as indicated by the high number of projects announced just last week. We also saw LCS Development announce that it is reorganizing its senior living development business line. LCS has promoted several individuals to lead the initiative,... Read More »
Active Adult Development Market Active Too
Throughout the last year, the active adult sector has proven to be one of the most attractive sectors of seniors housing, and there are three new projects underway. PulteGroup, a prominent builder based in Atlanta, announced it will begin building a 55+ active adult community in North Florida called Summer Bay at Grand Oaks. The community will feature 306 single-family homes, with new homes starting in the low $300,000s and models projected to be ready in early 2022. The project began after PulteGroup noticed an uptick in demand for these kinds of communities in St. Johns County, Florida. Across the country, Trilogy by Shea Homes, a 55+ brand owned by national homebuilder Shea Homes,... Read More »Schedule a demo
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