Wesley To Start Work on $88M Senior Living

WEST DES MOINES, IA-Greystone Communities Inc., based in Irving, TX, is developing a new senior living facility, to be called Edgewater, a new Active Life Community, here for $88 million. Kraus-Anderson Construction Co., based in Minneapolis, has been selected to build the campus. The property is owned and will be managed by Wesley Retirement Services.

The complex will consist of 151 units of independent living, 32 units of assisted living, 16 units of memory support, 40 units of skilled nursing, 14 townhomes and a 43,640-sf wellness and commons area. Situated on 50 acres of mixed-use land, the campus will feature terraced water features, walking/biking trails, a bistro and market, sports pub, fitness center, business center, library, creative arts studio, day spa, and restaurant-style dining. The project is expected to be complete by August 2009. Wesley executives said in a statement that the company sees customers in the area, as Dallas County is the 10th fastest growing county in the nation, according to the US Census Bureau.

Craig Francois, project manager for Kraus-Anderson, says senior living facilities are becoming a popular development project across the Midwest. "This is the second one we've got going," he tells GlobeSt.com. "We're also working on preconstruction for a third facility in Minneapolis."

He says the property in West Des Moines is going to be very upscale, targeting active seniors. The community has responded, Francois says, with sales from May to November reaching 75%. "Part of the lure is the people who've owned their home and paid off their mortgages, they don't need their big family house, and want to go somewhere fun instead of a nursing home. At Edgewater, they'll have wellness and pool facilities, and healthy activities. Seniors are much more active today, the new living facilities are really targeting activities to bring them in."