Kisco Senior Living, Health Care REIT to Begin Construction on New CCRC in Raleigh
- Mar 08, 2014
by Adriana Pop, Associate Editor
Plans are moving forward for The Cardinal at North Hills, a long-delayed Continuing Care Retirement Community (CCRC) in Raleigh.
According to the NewsObserver, Kisco Senior Living of California will soon begin construction on the project, which calls for 165 independent living units and 60 assisted living, nursing care and memory care units. The development will be the second CCRC in North Carolina since 2008, the newspaper reports.
Slated to rise at the East end of the North Hills neighborhood, The Cardinal is a joint venture between Kisco and Health Care REIT, an Ohio-based real estate investment trust.
The 5.9-acre community will offer a variety of amenities, including multiple dining venues, a lounge and a gathering area connected to a large outdoor terrace overlooking the gardens, a fitness center, spa and wellness areas, an indoor pool, family room, art studio and card room.
CCRCs, which offer a combination of independent living communities, assisted living facilities and skilled nursing, are becoming more and more popular. Residents of such properties benefit from “continuum of care”, meaning that if their needs change over time, they can simply move to the next level of care, without relocating geographically.
By the end of this month, about 100 people are expected to put down preconstruction deposits to become residents of The Cardinal, which will be a rental CCRC. The average deposit includes two months of rent and service fees, which is between $9,000 and $10,000.
“The strength of the housing market is a big indicator for us as well as the job market because a lot of adult children participate in this decision,” Mitch Brown, Kisco’s chief development officer, told the newspaper. “Those two things in Raleigh are both doing really well – a lot better than other parts of the country and some other markets we’re in. Raleigh is one of our best markets.”
In order to secure a residency at a CCRC, many residents finance their move by selling their homes.
Photo credits: www.northhillsraleigh.com