I haven’t posted for a while because I decided to return to college to study Economics. In the meantime, if you are interested in obtaining a feasibility study, I have several well respected companies who I could refer you to.
Best of luck!
{ 0 comments }
After 10 years of struggle, the dream of creating first nonprofit continuing care retirement community in New York City died — for the foreseeable future — in Queens last week.
Skyline Commons, a venture spearheaded by the Margaret Tietz Nursing and Rehabilitation Center, was envisioned in 1999 as a retirement community where aging New York City residents could purchase apartments. While there, they would enjoy similar care to that of a nursing home, while still having the freedom to live in a place they considered there own. Skyline Commons had been slated in 2004 to move into the building vacated by Queens Hospital Center in Jamaica near Union Turnpike.
Last week, however, after taking stock of their sales, the group decided that the retirement community is no longer a viable option, and stopped selling apartments. [click to continue…]
{ 0 comments }
NEW YORK–(BUSINESS WIRE)–The Citi Foundation today announced it is providing funding to local community development organizations in 20 urban communities across the country to support innovative, physical development and rehabilitation projects – known as “place-based initiatives” – that champion the long-term or large scale revitalization of low- and moderate-income communities.
The Citi Foundation is offering the grants through the Citi Foundation Partners in Progress (PIP) Grant Program, an initiative started in 1997 aimed at helping leading community organizations implement physical development or revitalization of underserved areas. This year, the Citi Foundation expanded PIP from New York-based and regionally-based grants to a national program.
Through PIP, the Citi Foundation has awarded local community development organizations grants of $100,000, totaling more than $2 million. The grants will support pre-development costs for construction, rehabilitation and revitalization of affordable housing, commercial corridors, and retail and neighborhood facilities, such as childcare centers and community centers, in low- to moderate-income communities. Of the 21 projects selected, more than half include environmental sustainability as a critical aspect of the initiative and one-third include transit-oriented developments.
Gina Doynow, National Director of North America Community Relations for Citi, said, “Citi is strongly committed to supporting the work of community development organizations, which play an important role in the growth of underserved communities, particularly in this difficult economic environment. That is why the Citi Foundation expanded our PIP grant program nationally to 21 truly ground-breaking revitalization projects we believe will help stabilize and transform urban areas nationwide.” [click to continue…]
{ 0 comments }
Longtime Miracle Manor resident Bill DeVinney stands near the historic Ghost Ranch Lodge at 801 W. Miracle Mile, which has stood as a fenced-in eyesore awaiting its renovation for the last few years. The plan is to convert it into affordable senior housing.
Pima County supervisors approved $5.3 million in bonds Tuesday for affordable housing and foreclosure prevention programs.
The board voted 5-0 to use revenues from a 2004 voter-approved $10 million bond package, including $623,000 to renovate the historic Ghost Ranch Lodge on West Miracle Mile.
The senior housing facility would be renovated and operated by a private Hartford, Conn., company that specializes in such ventures. [click to continue…]
{ 0 comments }
The details of a proposed 100-unit housing development to accompany future upscale retail shopping at Mendota Plaza on Dood Road and Highway 110 remain too vague for the Mendota Heights City Council.
“I think you’re trying to get us to approve something with a third of it ill-defined, and I’m not going to vote for it,” said Council Member Jack Vitelli.
The council and members of the planning commission reviewed developers’ plans for Mendota Plaza one more time before preliminary permits are scheduled to be approved or denied Jan. 20.
The 20-acre proposal encompasses greenway, trails, brick architecture, decorative lighting, fountains, and boulevard-like landscaping to accompany shopping and eventually a daycare and housing.
Staff reviewed a list of council and commission concerns that have been raised through the development process, ranging from traffic patterns to paint colors. For the most part, developers have come through in meeting the city’s desires, but sticking points remain.
Developer Ken Henk of Paster Enterprises described their plan to provide four stories of senior housing with varying levels of services along with drawings of different ways the building could be designed.
However, Mayor John Huber said that there is not enough detail in the information to stand on in the future if the plans were to change.
Adding another dimension to the debate, resident Louise Lentz addressed the council on behalf of Isaiah, a faith-based advocacy group for affordable housing. Lentz said from the faith-based perspective, “It is part of our belief that we are our brother’s keeper” and developing affordable housing on the site is a way to put “legs” on that belief.
She added that correcting a housing gap is important for the area to become economically successful. Affordable housing at Hillside Gables Townhomes in Mendota Heights has a waiting list of 690 families according to the Community Development Agency, pointing to a need for more, Lentz said.
[click to continue…]
{ 0 comments }
Developers say they could break ground on the $12 million assisted living apartment complex in the spring of 2010.
The Summit, which comprises 178, one- and two-bedroom units, is the first phase of JC Ranch and Josal Enterprises’ 170-acre 55-plus community in Chino Valley.
However, before that can happen, Michael Cordovana, a spokesman for Josal Enterprises, told the approximately 70 Chino Valley residents at Tuesday’s Neighborhood Meeting at the Windmills Farms Clubhouse, the Chino Valley Planning and Zoning Commission and Town Council must approve its rezoning request and proposed planned area development.
Jackson said the community, which the developers propose to build out over a 20-year period, also includes:
[click to continue…]
{ 0 comments }
Revised Guidance for Underwriting of 232 Loans for Assisted Living Projects
Given the difficult economic and fiscal environment nationally, the Department is requesting that HUD approved Mortgagees exercise caution in underwriting loans under the Section 232 programs for new construction and refinance transactions for assisted living facilities. For all Assisted Living Project mortgage insurance applications under Section 223(f), Section 232 new construction and substantial rehabilitation, and Section 241(a), will require justification/mitigation if the underwritten debt service coverage ratio (“DSCR”) is less than 1.45. Moreover, as was previously discussed with various lenders in June of 2008, for all LEAN mortgage insurance applications involving new construction of Assisted Living units, if the underwritten loan to value is greater than 75%. [click to continue…]
{ 0 comments }
The plans have 750 units on 30 acres, which would be built in phases. Contact me for the details @ 503.502.0706.
{ 0 comments }
Plans for Majestic Place, which would bring new businesses and apartments to Evansville’s West Side, likely will change in response to the complaints of residents who live near the proposed development.
Representatives of Majestic Place LLC met earlier this week with opponents to discuss their plans to rezone roughly 220 acres northwest of the University of Southern Indiana to allow for development of businesses and apartments there.
Gene Pfeiffer, the owner of the land, said the meeting lasted almost three hours and that suggested changes written down by his attorney filled nearly four pages of paper.
Some of the most common concerns had to do with the intersection of the West Lloyd Expressway and University Drive and the types of businesses that might occupy Majestic Place, he said. [click to continue…]
{ 0 comments }
The Heritage USA tower and hotel was once the pride of Fort Mill and the staple of the PTL Ministry. But after the fall of evangelist Jim Bakker, it’s become an eyesore.
Now, there are plans are in the works to give the tower new life.
“I think it’s going to be the jewel of the county,” said Rick Joyner, president of MorningStar Ministries.
With Crumbling bricks and exposed beams, just two years ago the building had a date with the wrecking ball. But Joyner has a different vision.
“Pool, health club — it’s actually going to have a doctor’s and dentist and hairstyling, a top-notch restaurant at the top,” Joyner said.
Joyner wants to turn the tower into a housing development for seniors with 200 residences ranging from $100,000 to $500,000.
“From like a studio apartment to a pretty big 2,500-square-feet,” he said.
As Joyner waits for the York County Council to give him the go ahead, he says half the units are already reserved. They are marketing to a specific group. [click to continue…]
{ 0 comments }
Gillette Enterprises Inc. was successful in getting the Sayreville Planning Board to recommend that an additional use be permitted on the company’s property at the northeast corner of Main Street Extension and Kennedy Drive. The board voted unanimously to recommend the additional use to the Borough Council.
The age-restricted housing would be called Gillette Towers and would be located on 4.75 acres, within the borough’s redevelopment zone.
The board voted to amend the redevelopment plan to permit this specific residential use, said Jay Cornell, borough engineer. The mayor and council will now review the proposal and decide whether to adopt an ordinance allowing the housing, which would be restricted to seniors age 55 and older. [click to continue…]
{ 0 comments }
The former Mt. Aetna Farms has been sold to the Lutheran organization that operates two retirement communities east of Hagerstown.
Diakon Lutheran Social Ministries, which operates The Village at Robinwood and Ravenwood Lutheran Village, purchased the 222-acre parcel for an undisclosed amount of money.
A representative from the Maryland Department of Assessments and Taxation said Wednesday that the purchase price wouldn’t be made public until the deed is recorded.
Jodi Murphy, executive director of The Village at Robinwood and Ravenwood Lutheran Village, could not be reached Wednesday afternoon for comment.
She said in a press release, however, that “although we have no immediate or specific plans for the site, we are reviewing a number of service-related options and believe this purchase to be in the best interest of long-term goals for our senior living services in Hagerstown.”
Murphy also said in the release that Diakon is working “with the State of Maryland to license the two campuses as a single continuing care retirement community.”
John F. Barr, president of the Washington County Commissioners, said he first heard about the sale roughly 10 days ago.
He said he was disappointed that the property wasn’t purchased by the Hagerstown-Washington County Industrial Foundation Inc. (CHIEF), a private, nonprofit group that has played a major role in building industrial parks and luring companies to Washington County.
Had that happened, Hagerstown Community College and the Washington County Regional Medical Center - two entities that sit close to Mt. Aetna Farms - could have used the land to expand, he said.
“CHIEF looks out for the best interests of the community,” Barr said. “I know the college would like to expand. They desperately need a new entrance.”
The property also had been discussed as a possible site for a second-stage biotech incubator.
Barr said he heard the purchase price was about $3.1 million.
Although the purchase price and the date of the transaction were not disclosed, The Herald-Mail reported in June that the property was on the market for about $11.5 million. That figure was given by David B. Wills, vice president of NAI Michael, a real estate business that was retained by PNC Bank to sell the property.
Mt. Aetna Farms was acquired in March 2007 by PNC Financial Services Group Inc. in a foreclosure sale for $9 million, according to Herald-Mail records.
The land is zoned for residential use, and special exceptions probably would have to be made to change the zoning to allow Diakon to build another retirement center there, Washington County Planning Director Michael C. Thompson said.
Hagerstown City Administrator Bruce Zimmerman said the land is in Washington County, but is within the city’s service area for water and wastewater.
{ 0 comments }
The Times Tribune
KCEOC Community Action Partnership recently received $1.7 million in Housing and Urban Development grant money to build and operate a 16-unit senior housing project at the site of the old Corbin municipal hospital.
“What we hope to develop is some other mixed income apartment units also mixed with some office space, small retail, and other things,” said KCEOC Director Paul Dole.
KCEOC, a non-profit agency that seeks to address poverty in the area, had previously received $500,000 in state and federal monies to tear down the unused hospital. This new grant will fund an initial 16 senior housing units, which will take up roughly two of the nine acres of property at the site.
KCEOC had originally proposed a 20-unit complex, but will be redesigning architectural plans after only 16 of the one-bedroom units were approved in the grant, Dole said. Dole estimated it would take a year before actual construction began at the site.
“It’s been a long process to say the least, between all the legal battles we had to fight over that property to get it torn down,” Dole said. “Now we’re to the part that we start building back, and that’s even better. It’s a major accomplishment.”
KCEOC purchased the former hospital in 2005; demolition didn’t begin until the end of May 2008.
In the time between, a lawsuit was filed in Whitley County Circuit Court by David O. Smith on behalf of his demolition company seeking to expedite the hospital’s demolition. According to the suit, the hospital was in a deteriorated and unsafe state, and the court had set time-tables for its demolition. Dole called the lawsuit an “unnecessary expense” for the project.
HUD’s Section 202 Capital Advance Program seeks to expand affordable housing with supportive services for the elderly. It provides low-income persons 62 years and older with the opportunity to live independently in an environment that provides the services they need.
In addition to funding the construction of the apartments, HUD’s Section 202 program subsidizes the rents of senior citizens so they can limit their housing costs to only pay 30 percent of their incomes.
“These grants will help thousands of our nation’s very low-income elderly and persons with disabilities find decent housing that they can afford,” said HUD Secretary Steve Preston. “Neither group should ever have to worry about being able to find a safe place to live.”
KCEOC currently operates one 202 development, Sowders Manor, in Barbourville, with another, Mixon Manor, scheduled to open in spring of 2009.
For more information about the 202 projects, or any of KCEOC’s housing or other programs, contact the agency at 606-546-3152, or visit the agency’s Web site at www.povertyisreal.org.
{ 0 comments }
The City of Poughkeepsie could sell its eight-acre property off Hudson Avenue to a developer that plans to construct up to 50 affordable apartments for senior citizens.
The Common Council could approve the proposed $170,000 sale tonight during its meeting at city hall. If approvals and funding are gained promptly, the developer said construction of the $8 million facility could begin next year. Residents could move in by 2011.
City Property Development Director Karen Lewis said she has recommended the council approve selling the long-vacant site near Weed Street to Putnam County-based Kearney Realty Group. She said Kearney has plans to construct 40 to 50 units of affordable housing for tenants 62 and older.
“It’s a wonderful and exciting project,” Lewis said.
The sale would serve two purposes. It would provide affordable housing for seniors, one of the area’s fastest-growing age groups. The sale would also bring much-needed revenue to city coffers and return a property to the tax rolls for the first time since 1977.
Lewis said Kearney wants to construct a facility that, while not an assisted living complex, would allow tenants to have aides to help them if they need physical assistance. The complex could also include a satellite doctor’s office and pharmacy, along with a commercial kitchen.
“This is the new way,” Lewis said of programs used in recent senior citizen housing projects.
Seniors are among the fastest-growing age groups in the area. Census data indicates the number of Dutchess County residents age 65 and older grew 12 percent between 2000 and 2006.
City Mayor John Tkazyik said local residents should benefit from the new complex.
“There’s a great desire for them to live independently,” Tkazyik said of seniors. “This comes at an opportune time for many in our community.”
Officials said Kearney has a long record of successful projects in the city and beyond. Lewis said the company was behind the recent opening of a senior housing complex off Cannon Street in the city. The company also had a key role in renovating apartments off Garden Street.
Kearney is also behind the Red Hook Commons senior housing project in that northern Dutchess community.
Company principal Ken Kearney said he hopes residents at the Hudson Avenue complex can access two hot meals a day through help from the county Office for the Aging. He said the three-story complex would include 700-square-foot apartments with terraces and decks.
Lewis said the city received only one other offer for the property, which came in “much lower” than Kearney’s $170,000 bid.
If the Hudson Avenue property sale is approved tonight, Kearney would also eventually need site plan and other approvals from city officials.
Officials said the project is expected to be funded in part through financial help from the state Division of Housing and Community Renewal.
{ 0 comments }
A proposed active senior housing development will have only one access onto Highview Road.
That was one of the changes that representatives of the developer discussed recently with the Planning Board. It was a key change, though, because it eliminated a county objection to the plan, which initially sought two driveways off Highview Road. The project will also have 88 units, down from an originally proposed 132.
{ 0 comments }
Sen. Charles Schumer, along with another senator, has reintroduced legislation to “expand and improve” a federal housing program that provides rental assistance to low-income elderly and grants to nonprofit groups to develop new senior housing.
“Right now, the housing programs in place for seniors are inadequate compared with the demand,” Schumer said in a statement. “By making a few changes to the current law, we can greatly expand the number of affordable housing options for seniors and their families.”
Schumer said it was expected about 730,000 additional senior housing units will be needed nationwide by 2020 to address future housing needs of that population. Read more
{ 0 comments }
Erickson Retirement Communities is delaying the start of construction of its planned Grant’s Farm Manor senior housing project in Affton until the end of the year.
Erickson planned to start construction last year on a $200 million to $400 million development on 88 acres at 9800 Musick Road with up to 1,500 apartments. But the company now says the construction will start at the end of the year at the earliest, and units will be built in phases, based on demand.
Rick Grindrod, CEO of Baltimore-based Erickson Retirement Communities blamed the frozen capital markets for the delay.
{ 0 comments }
Turner and Edwards LLC, whose principals are Bob Turner and Martin Edwards, last week unveiled the approved outline plan for Barret Oaks, which will be anchored by an assisted living facility but also will include residential, commercial and medical uses.
Though it may take up to five years to develop and build the entire project, Barret Oaks was designed to be a walkable community that includes a variety of senior living options (condominium and single-family homes), a hotel and retail center, and a medical office building and rehabilitation facility. Read about it here
{ 0 comments }
One of Wilmette’s lakefront high-rise condominium developments will have to convert formally to senior housing and pay out $28,000 to settle a 3-year-old fair housing complaint. The complaint, filed in 2006 by Interfaith, stemmed from reports that an owner was blocked from selling a unit to a family with young children under a cooperative rule stating the community was “not suitable for children under 18 years of age.” Because the building had not been designated legally as senior housing, the no-children rule was in violation of state and federal fair housing laws, Interfaith officials said. The complaint was referred to the U.S. Department of Housing and Urban Development and then the Illinois Department of Human Rights.
In the settlement agreement, building officials admitted no violation of the laws, but agreed to get the proper HUD exemptions that allow housing for residents 55 and older. The building cooperative also agreed to ongoing monitoring, fair housing education for directors and management company officials, and a payment of $20,000 to the John Marshall Fair Housing Legal Clinic, which represented Interfaith. A separate state fine of $8,000 also will be paid by the building corporation. Read the article
{ 0 comments }
Pending approval, the planned community to be called Redstone, will actually be constructed on the site of the organization’s current senior living community, Marguerite Gardens, located at Stoneman and McLean in Alhambra. Read full article
{ 0 comments }
The grant from the federal Department of Housing and Urban Development will cover most of the costs of constructing 60 senior apartments in Phase 2 of the L.C. Hotchkiss Terrace housing project. The first phase, with 75 units at Minnewawa and Barstow avenues, was completed three years ago. The existing complex has a 54-person waiting list. Read Full Article
{ 0 comments }
Senior Housing Solutions is a nonprofit organization that aims to provide seniors whose annual income is $22,000 or less with safe, affordable housing and support services that enable them to live independently in a shared housing environment. Campbell said residents pay 30 percent of their income for rent and “home share.” [click to continue…]
{ 0 comments }
Jon Harder has resigned as CEO of Sunwest Management. The 41-year-old Salem man, who built Sunwest into one of the largest senior housing companies in the country, agreed to step aside as the controversy and anger swirling around him has become an impediment to the company’s reorganization attempts, said Clyde Hamstreet, the business turnaround consultant now running Sunwest.
Hamstreet said he also replaced Curtis Brody, Sunwest’s chief financial officer.
Sunwest and its affiliates have defaulted on much of the more than $2 billion in debt it owes to banks and individual investors.
It’s a crucial week for Sunwest. The company will make its case before a U.S. Bankruptcy Court judge Wednesday that it be allowed to restructure itself under the auspices of a global mediation overseen by two Oregon judges.
Many of the banks that have seen Sunwest affiliate companies default on loans badly want to kill the plan, as it would end their efforts to repossess the property the company put up as collateral.
{ 0 comments }
Harrison Township will get a new senior living community this year if a developer’s plan for 25 acres holds.
Clayton-based Ideal Co. LLC paid $339,000 on Dec. 22 for the land from Harson Investments Ltd., which does business as Singer Properties. The land — on East Woodbury Drive — is now poised for an independent living community that could bring around 50 one-, two- and three-bedroom condominium-type units to the township, according to township officials.
Representatives from Ideal declined to comment on plans for the land until they were closer to finalizing the deal.
The property is adjacent to the existing assisted living facility Spring Hills Singing Woods. Spring Hills, built by Ideal, has a total population of 78 residents, according to Dayton Business Journal research.
{ 0 comments }
Nevada H.A.N.D is local nonprofit organization that develops affordable housing to improve the lives of low-income individuals in the metropolitan Las Vegas area.
“This funding will be used to construct 80 new housing units for low-income Valley seniors. The planned addition of these units is welcome news for southern Nevada at a time when there is still a lack of safe, clean and affordable housing for older Valley residents living on fixed or limited incomes,” Berkley said in a news release.H.A.N.D. will use the grant to provide low-income senior housing at their new Westcliff Pines Senior Living facilities. The site will house 80 additional residential units.
Land for the project was obtained from the Bureau of Land Management through the Southern Nevada Public Lands Management Act for affordable housing purposes. The Section 202 program allows elderly persons, 62 or older, to live as independently as possible in the community with supportive services.
{ 0 comments }
Loading ...
Senior Housing Feasibility
