Project Description
Multi-phased repositioning efforts began when there was an opportunity to acquire a neighboring 12-acre hospital site. Client and Greenbrier successfully negotiated a land purchase agreement which closed with the initial project financing in May 2009.
Phase 1 consisted of 114 independent living apartments (“IL”) with a central commons building (on the newly acquired site) as well as a renovation of its existing facilities to enhance marketability and provide a full continuum of care.
Client and Greenbrier immediately started planning for Phase 2 and commenced its construction less than 3 years after Phase 1 had stabilized. Phase 2 added 56 IL apartments with more amenities and common spaces including an auditorium, garden café, expanded dining room and guest suites. Most importantly, though, was the replacement of its dated nursing facility. The successful sales of Phase 1 and Phase 2 apartments provided a financial engine to support the construction of a brand-new state-of-the-art health center consisting of 29 private nursing suites.
The planning and development work didn’t stop there – client and Greenbrier successfully completed Phase 3 which included the purchase and demolition of an adjacent medical office building and the construction of 26 IL villas.
