A handful of companies are going a step beyond bringing residential units to their projects, opting to bring in seniors housing.
Kane Realty Corp. already added apartments, retail, office and hotel space at its 90-acre North Hills project in Raleigh, N.C. So the company is now adding a 300-unit continuing care retirement community to the project.
Most seniors facilities are built in quiet settings. But Kane's betting that seniors will want to live in a more active environment. So far, that bet seems to be paying off. “We've got 101 reservations already, and we're not even out of the ground,” says John Kane, chairman and CEO of Kane Realty.
Lorig Associates and Stellar Holding are developing Thornton Place in Seattle, which will include a 127-unit retirement living community adjacent to Simon Property Group's Northgate Mall. Lorig and Stellar purchased the site from Simon for $11.2 million.
Meanwhile, Sunrise Senior Living purchased a 2.53-acre site from Woodlands Development Co.(a partnership of Morgan Stanley and General Growth Properties) in Woodland Town Center, to build a 253,000-square-foot senior living condominium. Construction will begin in summer 2007 and the units will open in 2009.