Work Begins on $65M Retirement Community

The privately financed project is expected to open in 2006. About a third of the independent living units are reserved and STACS management anticipates a sell-out prior to opening. The St. Andrew's retirement community will provide independent living, assisted living, skilled nursing with 14,000 sf of retail space on one campus. The community will be home to more than 350 residents and 100 full time employees.

The community will buy locally for food, medical supplies, housekeeping/maintenance and other products needed to support the community services.

St. Andrew's Village has been designed, developed and pre-marketed by St. Louis-based STACS. A community-based board of directors, business leaders and future residents provided start-up project funding and support. Equity for the construction and development of the community is being provided by a new entity, formed between an affiliate of Greenwich, CT-based Starwood Capital Group, Global, LLC and STACS, the project's developer. Future STACS seniors housing ventures are planned for the Greater Chicago area, Kansas City and Indianapolis.

Bruce Russell, president and CEO of St. Andrew's Consulting, tellsGlobeSt.com the company began focus groups with people at Heather Gardens on the project in late 2000 and early 2001. "We came up with the conceptual framework that would make sense in the marketplace," he says.

Long-time Denver developer Sam Perry has been an unpaid consultant on the project since the get go. "In my 46-year career, this one of my hallmark events," Perry tells GlobeSt.com. "This will be a real signature center. It is just going to be leading edge."

Russell says the 151 independent living apartment homes will be a combination of entry fees and rental. "The entry fees are sort of like membership fees at a country club," he explains. "The fees will probably be in the range of $150,000 to $350,000. We will have everything from one-bedrooms to very large penthouses."

The 14,000 sf of retail space will include a coffee shop, medical office and geriatric services, he says. "We're going to be very selective," Russell tells GlobeSt.com. "There are a lot of folks wanting to be part of it. We want to make sure we are serving the public and the community."

The architect is the Lawrence Group of St. Louis, although Josh Comfort heads the Denver office. The general contractor is Palace Construction.

"We expect the assisted and skilled living portion to be completed in 13 months, and the independent living portion completed in 16 or 17 months," Russell tells GlobeSt.com. "So the assisted living should be done in the first quarter of 2006 and the independent living completed in the second quarter."