The 23,000-acre Highlands Ranch, situated along the southeast corridor, is the largest master-planned community in the metro area. Classic Residence purchased a 23.5-acre site from Shea Homes, developer of Highlands Ranch. The site is bordered by University Boulevard and Venneford Road.
Construction is scheduled to begin 2005 and to be completed by 2007 in the development, which will feature 250 independent living units, ranging in size from 900 sf to 2,000 sf located in a main building, as well as about 60 detached and semi-detached units.
The development also will have an on-site care center offering assisted living, a skilled nursing care area and an Alzheimer's/memory support care department.
"Highlands Ranch is an ideal location for an upscale senior living community," says Matt Phillips, SVP of new business for Classic Residence by Hyatt. "It's a scenic and impressive area with many of the finest shopping, dining, arts and tourist attractions in the county," he adds.
The new community will include a country club-style clubhouse with multiple restaurants, a living room and lounge, a multi-purpose room, a fully equipped fitness area, spa and a heated indoor pool.
Entrance fees will begin in the mid- to high $200,000's for a one-bedroom unit, with monthly service fees starting at around $2,800. The entrance fee is at least 90% repayable to residents or their estate. The fees cover independent living services such as dining, housekeeping, a 24-hour concierge and maintenance of the grounds and homes. It also covers utilities, real estate taxes, access to community amenities and the benefits of the continuing care program. Residents will be able to move to the on-site care center, if needed.
Hyatt has been in the senior living community business for the past 17 years. This will be its first in Colorado.
Other Classic Residences by Hyatt are found in: Yonkers, NY; Teaneck, NJ; Chevy Chase, MD; Hilton Head, SC; Glenview, IL; Adventure, FL; Boca Raton, FL; Lantern, FL; Pompano Beach, FL; Plantation, FL; Hollywood, FL, Naples, FL; Dallas; Scottsdale, AZ; Reno, NV, La Jolla, CA; and Monterey, CA.
In addition to Highlands Ranch, another facility is currently under development in Palo Alto, CA.
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