$200M Senior Living Project Breaks Ground in Arizona

With a three-year waiting list at their first continuing care retirement community in the Scottsdale, Ariz., area, Classic Residence by Hyatt and The Plaza Cos. partnered again to build a more than $200 million lifecare community less than three miles from the first development. Classic Residence at Silverstone (pictured), a continuing care retirement community and luxury living community for older adults, is the encore development from the partnership. Ten years ago, the two entities partnered to build their first community for older adults at Grayhawk. Due to the great success of that community, the joint venture continues with Classic Residence at Silverstone, Jackie Wolf, executive sales director with Classic Residence at Silverstone, told CPN.Grayhawk, located just 2.4 miles south of the Classic Residence, is completely full with a two- to three-year waiting list, Wolf said. In October 2006, sales began for the Classic Residence, which is 72 percent sold, she added. “There is a great demand for this type of a model throughout the U.S. Seniors are aging and becoming younger physically and mentally. They are taking care of themselves, but want to empower themselves, too,” Wolf said. “That waiting list shows demand in the area. We’ve had tremendous growth in this region.” The project will break ground on Feb. 28 and construction should begin in earnest in May, she said, with an anticipated opening in 2010. Located on Scottsdale Road as part of the 160-acre site of the original Rawhide in North Scottsdale, Classic Residence at Silverstone joins several high-end developments in the mixed-use Silverstone neighborhood, including upscale residential communities, a public library and retail spaces. Upon completion, Classic Residence at Silverstone will have approximately 270 independent living units, including one- and two-bedroom apartments and private villas. To complement the independent living residences, there also will be several units for residents who require a higher level of care, including homes tailored to assisted living, memory support and skilled nursing. The on-campus Care Center will offer professional on-site care for residents in these units. Classic Residence by Hyatt owns and operates upscale senior living communities from coast to coast. The Plaza Cos. is involved in development, acquisition and management of senior living communities, medical office properties, technology and bioscience parks.