ST. LOUIS — A California developer and Arizona operator are planning a $15 million senior community in Florissant that aims to put assisted- and independent living beds in buildings resembling traditional homes.
Paul Rogers, of Sacramento, and Innovative Senior Living Inc., of Tucson, have filed with Missouri regulators a plan for five single-story cottages at 1475 Carla Drive. Each 8,000-square-foot home would contain 16 assisted-living beds, and that part of the project would cost $10 million. The Missouri Health Facilities Review Committee is set to consider the plan Jan. 4.
Rogers said the development would also include six other buildings with 28 units of independent living, adding $5 million to the development cost. Documents filed with the state say the development could open in the first quarter of 2022.
"It's 'Golden Girls' style," Rogers said, referencing the hit 1980s sitcom. "An elderly lady or man, it could be time for them to get out of the house, but they're not ready for assisted living and are open to having a roommate," Rogers said, adding that even the development's memory care beds are spread across the cottages. "It's keeping people familiar with their single-house living and differentiates us from the apartment style."
Working on the project are Double Diamond Construction and Development and Wallace Architects of Columbia, Missouri.
Rogers said he purchased the property from Mark Bellman, who previously planned to build 43 townhouses but partially finished just five.
Peoples National Bank said it could lend up to $6.9 million for the project, and PGIM Real Estate also indicated it could provide financing. Dr. Gurpreet Padda, of St. Louis, is also an investor, Rogers said.
The documents suggest the assisted living portion of the facility could generate revenues of more than $4 million in each of its second and third years, with profits approaching $900,000 annually.
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