The upscale housing project will boast "smart home" technology for immediate and direct alert in the event of a medical emergency. The first phase of construction should deliver in spring 2002, says Bob Coberly, Senior Care vice president, who negotiated the land buy. The developer is planning to build 223 homes on the acreage.
The project will carry starting prices of about $107,500 for two-bedroom, two-bath homes and peak at $163,200 for three-bedroom floor plans. The pricing, says Coberly, is "designed to meet pent up demand for affordable housing in the Palm Springs area."
Senior Care also has a Las Vegas project, Flamingo 55 that is gearing up for a construction start in August. The developer also is undertaking a Baja California project, just an hour's drive from San Diego and is in leasing stages for a Los Angeles community. In the next several years, Senior Care plans to roll out more than 5,000 homes, townhouses and condos in itsaffordable living program for senior citizens.
The Palm Beach buy raises Senior Care's asset base to more than $100 million while maintaining a debt base of slightly more than $30 million, officials say. Senior Care also develops and manages office and strip retail centers in age-restricted communities. Under consideration is to start developing assisted living centers.
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