No financial details were released by Classic Residence by Hyatt. However, Matt Phillips, senior vice president of new business for the firm, says that early estimates put the total development cost for the project, which includes acquisition costs, at approximately $350 million.
The purchase deal is contingent on Classic Residence by Hyatt obtaining site plan approval from the Village of Briarcliff Manor and a certificate of authority from the state. Phillips says that Classic Residence by Hyatt expects to file applications for site plan approval and the certificate of authority by year's end. Closing on the sale is expected in late 2005.
The property was the home to King's College until the campus was shut down in 1994. Barrington Ventures had proposed to develop a 315-unit CCRC of its own on the property called the Garlands of Briarcliff Manor.- The firm obtained a special use permit to develop the senior retirement community at the property and also received approval to demolish the buildings on the campus. Demolition was completed last year.
The project would be Classic Residence by Hyatt's first Continuing Care Retirement Community in New York State. The firm does operate a senior rental Classic Residence by Hyatt in Yonkers.
Groundbreaking is not expected to take place until early 2007 with a grand opening about two years later. Entrance fees for the community that will feature independent living and assisted living units will range from $500,000 to $1.8 million. The community will have a care center that will offer skilled nursing and specialized care for residents suffering from Alzheimer's disease.
Classic Residence by Hyatt currently owns and manages 17 upscale senior living communities nationwide, including seven CCRCs. The firm has two new luxury CCRCs under development in Palo Alto, CA and in Highlands Ranch outside of Denver. Classic Residence's Phillips says that in addition to the Briarcliff project, the firm has two other CCRCs in pre-development in Turtle Creek, outside of Dallas and in Orlando.
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