Maplewood Senior Living Breaks Ground on $270M NYC Community
Maplewood Senior Living and Omega Healthcare Investors Inc. have broken ground on a luxury senior living development called Inspir | Manhattan. The development signals the introduction of the Inspir brand, which was created to deliver a new and luxurious option for older adults seeking senior residences.
To rise at 1802 Second Avenue on the Upper East Side, Inspir | Manhattan will be a 23-story, 212,000–square-foot mid-rise with 215 units of assisted living, enhanced care and memory care. The suite of luxurious amenities will include an indoor heated swimming pool, luxurious salon and spa, state-of-the-art movie theater, library, gardens and spaces for engagement and socialization.
A Look at Demographics
Why was this a good time and place for this development?
“It really comes down to demand, and demand for luxury senior living in New York City,” Gregory D. Smith, Maplewood Senior Living president and chief executive, told MHN.
“From a real estate perspective, it’s important to recognize there’s been a divergence between supply and demand, and that divergence has been increasing dramatically over the past several years. With the aging demographics, that divergence will continue to grow ever more rapidly. You’ll start to see developers beginning to recognize there’s an opportunity for senior housing to be competitive with highest and best uses—such as hospitality and residential development—in Manhattan.”
Inspir | Manhattan will feature an array of settings for upscale dining, all of which will serve farm-to-table dishes preferred by today’s discerning older clientele.
“New York City offers a rich environment for seniors who wish to continue an active lifestyle with connections to family, social networks and the many culturally diverse opportunities the city has to offer including theater, opera and museums,” Smith said.
At Maplewood Senior Living’s insistence, New York City’s Handel Architects will design Inspir | Manhattan. The sophisticated design will optimize natural light and access to nature, Maplewood Senior Living said.
The generous incorporation of these elements, expressed in such features as floor-to-ceiling windows, a 16th–floor sky park, terraces and enclosed gardens, is intended to enliven the spirits of residents.
“We are designing a truly unique community that not only offers access to the city, but to incredible private spaces with beautiful finishes and well-appointed apartments, all set in an oasis of boutique-style luxury,” Smith added.
“We are thrilled to partner with Maplewood Senior Living to design this modern residential space where seniors can enjoy healthy and active lives,” Handel Architects partner Frank Fusaro said. “Our vision is of a building that has a simple elegance in its order, a building that’s derived from how it is made and what is essential, with spaces that foster community and promote health and wellness.”
Crunching the Numbers
New York City’s T.G. Nickel & Associates is serving as the development’s construction manager. Total project cost, including land costs, is estimated to be $270 million. Inspir | Manhattan is scheduled for a 2019 debut.
The primary hurdles inherent in any development project are ensuring the numbers pencil out and locating the right site, Smith said. “The Upper East Side was the perfect location,” he reported. “The challenges were the economic transaction and the difficulty of finding a site large enough to build what we wanted to build. In this case, it was an assemblage of five parcels, owned by different parties.”
“We are very excited about what the Maplewood team is bringing to Manhattan,” Taylor Pickett, CEO and president of Omega Healthcare Investors, Inc., said.
“Inspir | Manhattan represents our 14th investment with Maplewood and our first in New York City. Greg Smith and his entire team have built their business on combining the highest level of quality care and service amenities with innovative and contemporary design. The Inspir project reflects all the best elements of what Maplewood does exceptionally well, combined with a design and sophistication level we are confident the Manhattan market will value and embrace.”