Welltower, Hines to Build 2nd Manhattan Senior Living Project
- Nov 12, 2018
Welltower Inc. and Hines have purchased the development site at 2330 Broadway, on the northeast corner of 85th Street in Manhattan’s Upper West Side. Several existing commercial structures on the 9,100-square-foot property will be demolished to make room for a 140,000-square-foot senior living and memory care community. Design and development plans are still underway for the upcoming 17-story project.
Together with a passive institutional investor, the two companies intend to build their second senior living project in the borough. In March, Welltower and Hines broke ground on Sunrise at E. 56th in Midtown Manhattan. SLCE Architects is the designer of both properties.
“The Upper West Side of Manhattan is a uniquely distinct neighborhood with a large population of affluent seniors yet zero supply of modern, purpose-built residential care communities. This location is in the top percentile of the demand curve for our target households and The Welltower West will offer a seamless extension of this unique neighborhood for our residents,” said Welltower CEO Tom DeRosa, in prepared remarks.
Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower led the transaction teams.
Image courtesy of ARC Shadow