KANSAS CITY, MO-Hunt Midwest Real Estate Development Inc., based here, is joining Principal Senior Living Group to build four seniors housing properties throughout the local region. Ora Reynolds, president of Hunt, says each project will cost about $8 million to build.
The venture has already broken ground on its first project, an 80-bed assisted living facility called Benton House at Shoal Creek, in Hunt’s 483-acre master planned residential complex. The company is building about 1,300 residential units in the Northland area of Kansas City, MO in the Benson Place development, and had planned on including a seniors living property.
Reynolds says the seniors facility fit right in with the new residential homes. “Here people can live their whole lifecycle,” she tells GlobeSt.com. “You can move out of your parents’ home and into a $130,000 townhome here, then buy a $220,000 home, then move up to a $300,000 home, then later move into the center at an age when you need a higher level of care.”
About half of the homes are completed at Benson Place, Reynolds says. The Benton House project should be complete by spring 2012, and will include apartment style assisted living units that will rent for about $3,000 to $4,500 per month, as well as 25% of the property will be set aside for memory care of Alzheimer’s patients.
The company also already has plans for the location of the second seniors housing property, Reynolds says. The Benton House of Lee’s Summit will be located in that community, at US Highway 50 and Todd George Road, just east of the Lee Summit Medical Center. Reynolds says there’s no residential project that matches up with this second site, but that it will be able to serve people who want to be near the hospital.
The venture will look for more sites in the area for the other two centers, Reynolds says. “We will look at areas where we can get a certificate of need and there’s no property, to bridge the gap between supply and demand,” she says.
Principal is known for its seniors facilities built in Southeast states such as Florida, Georgia and South Carolina. “One of the executives at Principal grew up in Lee’s Summit, so this is a perfect fit for us,” Reynolds says.
Hunt is a developer of more than 6,000 acres of retail, industrial and residential property. The company is a subsidiary of the Lamar Hunt family, which also owns a mining firm, the Kansas City Chiefs and the Chicago Bulls.
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