Ground Breaks on $14M Seniors' Facility

The Mountain Creek Estates Retirement Community, set to deliver in January 2005, has been on the city's wish list since the mid-1980s. Dallas-based Covenant Group is developer, general contractor and will manage the facility at 2305 Corn Valley Rd. The housing corporation is the owner.

Dave Evans, Covenant's vice president of development, tells GlobeSt.com that the non-profit owner already has opened the door to the possibility of a second phase to add an assisted living complex. "There is interest," he says, "but our recommendation is to get the independent living facility up and stabilized first."

Mountain Creek Estates Retirement Community will be a mix of 18 studio apartments in a 480-sf design with a $1,300 per month rent; 42 one-bedroom standard units, 540 sf for $1,600 monthly; 42 two-bedroom deluxe apartments, 640 sf for $1,900 per month; and 22 two-bedroom, two-bath units, 820 sf for $2,300. The rental fee includes three meals per day, a Sunday brunch, weekly housekeeping, flat linen service and scheduled transportation. Brick-and-mortar amenities include an on-site theater, salons, library/study area, computer center and country store.

GHLA's Gaylen Laing designed the three-story building, with four residential wings. George K. Baum & Co. was the bond underwriter and David C. Petruska, the bond counsel.

Covenant's other market-rate seniors' developments in the region are the 112-unit Crescent Point in Cedar Hill and 120-unit Meadow Lakes in North Richland Hills. The developer has another seven independent living facilities in Oklahoma, Mississippi, Tennessee and Arkansas. It also developed and manages seven assisted living facilities in Texas and Oklahoma in addition to owning a portfolio of seniors' subsidized apartment complexes.