Despite frigid weather along the Hudson and still-frozen credit markets for developers, a luxury senior housing community has broken ground this winter in the village of Briarcliff Manor.
The Club at Briarcliff Manor is a fee-for-service continuing care retirement community, one of only 14 such communities licensed by New York state. The $350 million development is expected to open for occupancy in 2013 on the historic 59-acre site of the former Briarcliff Lodge resort hotel and King”™s College. It will include 325 independent living residences and a 60-unit supportive living center providing assisted living, memory support and skilled nursing care 24 hours a day.
The Club will consist of two residential “villages” complemented by a clubhouse; aquatics, spa and fitness Center; tennis courts; walking paths; landscaped grounds and a pond. An upper village will feature 288 one- and two-bedroom apartments in Tudor-style buildings. A lower village will include 24 townhouses and 13 free-standing villas. Perkins Eastman and John Sullivan Architecture are the architects for the project.
The first phase of the project this year includes site infrastructure improvements, construction of an eight-acre ball field and parking lot for the village and construction of on-site model units and a sales center. The model units and sales center are scheduled to open this fall.
The project is a joint venture of Integrated Development Group and the National Electrical Benefit Fund (NEBF), a Washington, D.C.-based pension fund with more than $10 billion in assets.
Based in suburban Chicago, Ill., IDG was founded in 2006 by Matthew K. Phillips, company president and CEO and a former executive at Classic Residence by Hyatt, one of two previous developers that deemed too costly and dropped the retirement community project in Briarcliff Manor. IDG paid approximately $32 million for the property in mid-2009.
IDG, in partnership with NEBF, also is developing 850 Lake Shore Drive, a $150 million senior retirement community on Chicago”™s lakefront. NEBF”™s other current projects include the Beekman Tower, a 76-story residential building in Manhattan designed by renowned architect Frank Gehry.
At a time when many developers”™ projects in the region have stalled, “Our many years of experience in developing senior living communities combined with the financial strength and stability of the National Electrical Benefit Fund gives us a unique advantage in today”™s challenging real estate market,” Phillips said in a statement.
The aging of the baby-boomer generation has created a growing demand for amenities-rich retirement enclaves such as The Club at Briarcliff Manor, Phillips said. He said high occupancy at competitive continuing care communities in the metropolitan market and significant barriers to entry for new ones augur well for the Westchester development.
Entrance fees for residences will start at $750,000 and are 90 percent refundable. Monthly fees for amenities and services are projected to start at about $3,400. Services provided by the supportive living center are not included in the monthly fees and will be charged at market rate.
Briarcliff Manor Mayor William Vescio said the residential development “will be an outstanding asset for our community and region” and will make the historic property “a vibrant part of our community” once again.
