DALLAS—Nearly four years after initial planning work, Dallas-based Tradition Senior Living is poised to begin construction on its luxury senior living community on a high-profile tract of land near Central Market off Lovers Lane in Dallas.
The financial details of the project were not disclosed in an article in the Dallas Business Journal.
“This is a fantastic site,” Jonathan Perlman, founder and CEO of the development firm told the Journal. ”Finding funding for projects this size is challenging, especially for a small group, but I think our partners and lenders financing this project speaks volumes about it.”
Tradition acquired the 7.5-acre site at 5850 Lovers Lane, which had a dilapidated apartment community on it, from Compass Bank, the owner of the property after a foreclosure. It took years to abate and demolish the existing apartments before the developer could reroute utilities and rezone the tract, Perlman said.
In the end, the developer will put a total of 311 homes on the site.The independent senior living community will have 202-units, which have been designed by Houston-based Meeks + Partners. The development also includes an adjacent 109-unit memory care property, which was designed by Dallas-based D2 Architecture LLC.
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