The independent living center will be situated on 8.1 acres at 2900 Colonial Lakes Dr. Construction is scheduled to begin within 30 days. The one- and two-bedroom units will range from 775 sf to 1,356 sf.
Robert Wheless, director of real estate development in Houston for Opus West, says the complex will be completed 16 months after construction has commenced. Leisure Care of Seattle will handle management and operations once the center is completed.
On the retail side, which encompasses five acres, Wheless says four out of the five pad sites have already been spoken for by restaurants and banks. The remaining acreage will hold about 50,000 sf of condominium offices, which Wheless says is in the design phase.
Wheless says Colonial Lakes Village is Opus' fourth project with Scottsdale, AZ-based RED Group and Leisure Care. The partnership decided to develop an assisted living center, with retail and office components because of location and market demand. "The retail pad sites were ideal for frontage along Highway 6. We think the demographics for this area support a senior residence project," he says, adding the solidity of the office condominium market has been proven by other developers.
Wheless tells GlobeSt.com that Opus' future plans for the development haven't been determined. "Our focus is on getting this built on time and stabilized," he says. "We'll see what the market is at that time."
Phoenix-based ORB Architecture LLC and Opus West A&E are the project designers. Opus West Construction Co. is the general contractor. Eric Walker, associate with NewQuest Properties Inc. of Houston is marketing the retail while Opus is partnering with Indermuehle & Co. of Sugar Land, TX to market the office buildings.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
