SAN DIEGO, Calif. – (Realty News Report) – Belmont Village Senior Living, a Houston-based residential developer, in partnership with Greystar, has broken ground on a new high-rise senior living tower in San Diego County.
Named Belmont Village La Jolla, the 17-story building will offer 180 residences across Independent Living, Assisted Living and Memory Care.
Belmont Village Senior Living said the San Diego project will be the company’s 32nd community and its third in San Diego County. This marks Belmont Village’s first development undertaken in partnership with another major developer.
“A mutual colleague brought us together – Greystar had sourced a terrific location with an entitlement history that made it a perfect opportunity for licensed seniors housing,” said Patricia Will, Founder and CEO of Belmont Village. “We saw the potential of the site and of combining our expertise to create something truly distinctive in independent and assisted living.”
Belmont Village and Greystar, a leading apartment developer based in Charleston, South Carolina, jointly purchased the site in March and secured a construction loan last month. The partners have been collaborating on the project since late 2017. “This is a situation where two strong developers have joined forces and 1 plus 1 equals 3,” said Jerry Brand, Greystar’s Executive Director. The two firms are also collaborating on a second project elsewhere in San Diego County.
The 209,000-square-foot building is designed by Joseph Wong Design Associates, with Suffolk Construction serving as general contractor; both firms are based in San Diego. The development represents Belmont Village’s seventh project with equity partner Harrison Street Real Estate Capital.
Located at 3880 Nobel Drive, the San Diego community will include a range of resident amenities and programs: a professionally managed fitness center, a full-service salon and spa, a private screening room, a bistro for casual dining and a formal dining room, personal wine storage and a heated saltwater swimming pool.
Belmont Village recently completed a senior living component within Hines’ Lincoln Park development in Chicago.
Earlier this year, Patricia Will spoke at the ULI Housing Opportunity Conference in Miami, discussing ideas such as integrating senior housing with housing for young adults. Belmont Village has established partnerships with several universities, including UCLA.
Belmont Village operates senior living communities across the United States and in Mexico.
June 12, 2020 Realty News Report Copyright 2020
Photo: Architecture, Joseph Wong Design