A groundbreaking ceremony for the development is scheduled for June 2. Kendal on Hudson will be a "Continuing Care Retirement Community" that will house between 350 to 380 seniors, according to officials with Kendal on Hudson Inc.

The project is being built and will be operated by Kendal on Hudson Inc., an independent non-profit formed in 1996 by Kendal Corp., of Kennett Square, Pa., and Phelps Memorial Hospital. Kendal Corp. is a non-profit Quaker organization that has two senior communities in development and operates nine others in Pennsylvania, New Hampshire, Virginia, Ohio and New York. Kendal on Hudson is being built on 22 acres of riverfront property leased from Phelps Memorial Hospital.

Kendal on Hudson will offer independent living units, enriched housing and skilled nursing/long term care services. In total, the development will feature approximately 450,000 sf of space in four buildings that will range in height from two to five stories. Each of the buildings will be connected via enclosed walkways.

David Jones, project director for Kendal Corp. says Kendal on Hudson closed on the one of the largest Continuing Care Retirement Community financing deals ever on May 1. Short-term construction loan financing was provided by the Bank of Scotland and Union State Bank. The Westchester County Industrial Development Agency has issued approximately $73 million in tax-exempt bonds for the project. Construction costs associated with the project have been estimated at about $95 million.

Although a groundbreaking ceremony is planned for June 2, Jones relates that site clearing work began in the first week of May. The project is expected to be completed by the late spring or early summer of 2005. Kendal on Hudson was in the regulatory process from June 1999 until it received its final approvals from the Village of Sleepy Hollow in the fall of last year.

In describing the project, Jones says, "In a sense it is a village for seniors. It allows people to age in place and for couples to stay together."

A Continuing Care Retirement Community offers housing, residential services and health care services, including long-term care under a "contract for services" agreement that is in effect for the life of the resident. Jones explained. Kendal on Hudson will feature 222 independent living units ranging in size from 600 sf (studio) to 1,500 sf for a two-bedroom/den unit. There will be 24 enriched housing suites and 42 private skilled nursing beds.

He says that Westchester has a "pent-up demand" for this type of senior housing community. In fact, the only other Continuing Care Retirement Community in Westchester is the Westchester Meadows development in Valhalla, Jones noted. Kendal on Hudson is already 75% sold; Kendal began taking deposits on the units in September 2002.