Welltower-Hines JV Release Designs for Midtown Assisted Living Project

A rendering of the entrance to the assisted living and memory care development at 139 E. 56th St. Source: SLCE Architects, LLP

NEW YORK CITY—The joint venture of Welltower Inc. and Hines has released the first renderings for its new 15-story assisted living and memory care development to be built at the site of a current TGI Friday’s on East 56 ^th Street here. Toledo, OH-based Welltower and Hines, which is headquartered in New York City, announced in April they had closed on the acquisition of the Midtown development site at 139 E. 56th St. The property is located on the northeast corner of Lexington Avenue and 56th Street. Existing commercial structures on the site, which include a TGI Friday’s restaurant, will be demolished to make way for the new 125,000-square-foot senior living community that will feature retail space at its base. There has not been a definitive construction schedule established as yet for the as-of-right development. A Hines spokesperson says that the firm expects the building to be fully operational in late 2019. No development cost for the project was released. The assisted living facility, designed by SLCE Architects, LLP, is the first senior care development for Hines. The joint venture reportedly paid $115 million for the development site, according to Bloomberg News. “This building is organized vertically unlike most typical senior living communities. Inspired by classic Park Avenue apartment houses, its design and layout reflects New York City apartment living,” says Saky Yakas, partner, SLCE Architects, LLP. “We expect Manhattan’s seniors will be very comfortable transitioning into this community.” The primary community spaces will be located on the second floor, which will include oversized floor-to-ceiling glass windows. The residential units begin on the third floor and continue to the 14th floor. A variety of additional community spaces are interspersed throughout the floors, creating what the developer describes as “mini neighborhoods” on each floor. Expansive outdoor living spaces will be available on the fourth, 11 ^th and 15 ^th floors and will feature landscaped terraces and gardens. “This Midtown Manhattan development is the first of its kind: a senior living environment that promotes wellness and community with the latest innovations focused on residents’ needs for cognitive engagement, mobility and nutrition,” says Mercedes Kerr, SVP, business development at Welltower. Kerr adds that demographic trends indicate that New York City’s elderly population will grow significantly in the next 10 years and at present assisted living availability in New York City is five times lower than the national average. The partners each have sizable portfolios and presence in major markets nationwide and globally in their respective industry sectors. Hines has $89.1 billion of assets under management, including $42.5 billion for which the firm provides fiduciary investment management services, and $46.6 billion for which it provides third-party property-level services. The firm has 109 developments currently underway around the world, including several major projects in Manhattan. Welltower, a REIT, owns more than 1,400 properties in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.