Ryan Cos. US Inc. and SilverCrest Properties announced Tuesday they signed a deal to buy a nine-acre site from the city of Maple Grove to develop a $34 million senior living campus.
The project, which is the first of two phases, is at the intersection of Weaver Lake Road and Main Street. It will include a four-story building with 182 units of senior housing that will be a mixture of independent, assisted living and memory care.
The Business Journal broke news of this development in 2012.
The development is just one of many new senior housing communities being built in the Twin Cities by developers shooting to attract Baby Boomers.
St. Louis Park-based SilverCrest and Minneapolis-based Ryan signed purchase agreements with the city to buy the site, and they’ve submitted land-use approvals with the aim of starting construction in September.
“We’ve been working on this project with the city of Maple Grove for a number of years and are thrilled to see it come to fruition,” SilverCrest President Michael Gould said in a press release. “SilverCrest is known for its mission to promote health and wellness, and we’re excited to continue our growth in the Twin Cities and to provide both needed services and good jobs to the community.”
SilverCrest has five other facilities in the Twin Cities senior community: Eden Prairie, St. Louis Park, Richfield, Lakeville and New Brighton.
The architectural design team on the project is Harriss Architects and Pfister & Associates.
Source: Business Journal