Private Sector to Take Over Nashville’s Senior Housing Assets
- Feb 07, 2014
By Eliza Theiss, Associate Editor
Metro Nashville is looking to get out of the senior housing business, giving its two senior housing facilities over to private operators in a move that would result in a third private-sector senior living community. According to The Tennessean, Mayor Karl Dean’s plan would see Louisville-based Signature Healthcare take over the 419-bed Bordeaux Long Term Care located on County Hospital Road, while Vision Real Estate Investment Corp. affiliate Assisted Living Partners would take over the 100-bed Knowles Home Assisted Living on Camilla Caldwell Lane. If approved by Metro Council, the move would save $10.5 million in city subsidies.
Signature Healthcare will take over the management and operation of Bordeaux for a 10-year term, receiving a $1.3 million payment from Nashville. According to the Nashville Post, the company would operate 260 licensed beds at Bordeaux, where it would invest $250,000 in capital improvements. Signature will also operate a 168-bed skilled nursing home set to be developed near Skyline Medical Center. The $18 million facility will be developed by Ed. Street Co. and is expected to have a three-year development period, due to state certification requirements.
Assisted Living Partners would also enter a 10-year lease agreement with the city, but would end up purchasing the facility for $500,000, and spend $300,000 on renovations, reports The Tennessean. Vision will also have the option to acquire 44.6 acres from the Bordeaux grounds, developing several other housing options worth over $34 million, such as senior apartments, nursing facilities, town homes and affordable housing. A further 400 acres of the Bordeaux campus could be turned into public park space.
Image courtesy of Bordeaux Long term Care