By: Deborah Johnson Wood
It's been four years, but it appears Michigan's only senior residential community in a Renaissance Zone is nearly ready to break ground. The proposed $48.5 million Beacon Hill at Eastgate
development has 94 of the 97 purchase agreements needed to break ground
at 1919 Boston SE, Grand Rapids – the former site of Metro Health.
New plans are a pared down version of
the original, but still include 114 one- and two-bedroom apartments
designed for continuum care living and a host of amenities.
Many of the amenities will be located
in The Commons, a central building connected to the apartments.
Residents can work out in the indoor pool and recreation facility, dine
in the bistro with its in-house bakery and relax in the full service
salon. A chapel and an auditorium provide worship and gathering spaces.
"The original financing structure was
set for a September 29, 2009 closing and then the economy got set on
its ear," says Jeff Huegli, president and CEO. "Since then, we've
attracted two banks -- Huntington Bank has a $33.5 million
participation, and BBT from Raleigh-Durham is in at $15 million. As far
as I know, we're the only development in the country to attract banks
to a senior living project."
An existing Renaissance Zone was
conveyed from Metro Health to Beacon Hill and extended through 2017,
making this development the only senior project in Michigan to offer a
ren zone's nearly tax-free living.
"We have 94 apartments presold and
expect to have three more sales within the month," Huegli says. "This
is the main critical path in terms of a closing timeline. We'll break
ground the day after we close and construction will wrap up in November
2010."
Source: Jeff Huegli, Beacon Hill at Eastgate
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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