SAN DIEGO, Calif. – (Realty News Report) – A partnership of Belmont Village Senior Living, a Houston-based residential developer, and Greystar have broken ground on a high-rise tower in San Diego County.
The project, called Belmont Village La Jolla, will be a 17-story building with 180 units of Independent Living, Assisted Living and Memory Care.
Belmont Village Senior Living said the San Diego development will be the thirty-second community it has developed and its third in San Diego County. But the seniors project is Belmont’s first in partnership with another 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, Belmont Village Founder and CEO. “We saw the potential of the site, and of bringing our mutual expertise together to create something really unique in independent and assisted living.”
Belmont Village and Greystar , a major apartment firm based in Charleston, South Carolina, purchased the land together in March and closed on a construction loan last month. The partners have been collaborating to develop the project since late 2017. “This is really a situation where two strong developers have joined forces and 1 plus 1 equals 3,” said Jerry Brand, Greystar’s Executive Director. Greystar and Belmont Village are already at work together on a second development in San Diego County.
The architect on the 209,000-SF building is Joseph Wong Design Associates and project contractor is Suffolk Construction, both based in San Diego. The development is Belmont Village’s seventh project with equity partner Harrison Street Real Estate Capital.
The San Diego community, 3880 Nobel Drive, will feature amenities and programs, including a professionally managed fitness center, full service salon and spa, private screening room, bistro for casual dining and full-service dining room, as well as personal wine storage and a heated saltwater swimming pool.
Belmont Village recently completed a senior living project in Hines’ Lincoln Park development in Chicago.ULI Housing Opportunity Conference in Miami.
Earlier this year, Belmont’s Patricia Will was a speaker at ULI Housing Opportunity Conference in Miami. Topics included the concept of integrating seniors housing with young adult housing. Belmont has partnered with several universities, including UCLA.
Belmont operates senior housing across the United States and in Mexico.
June 12, 2020 Realty News Report Copyright 2020
Photo: Architecture, Joseph Wong Design