MCKINNEY, TX—North Texas' population growth has been created by the concentration of multiple corporate headquarters. In addition, there has been more than $5 billion in capital invested along the Dallas North Tollway.
As a result of this demand, Houston-based PMRG acquired land for the development of a 215,000-square-foot 200-unit senior living facility named Hidden Springs. The community is to be located just north of the Sam Rayburn Tollway, off of Stacy at Ridge Road.
With initial occupancy anticipated in July 2019, the approximately $40 million development will include 132 rental units of independent living, 40 assisted living units and 28 residential units for memory care.
“With seniors looking for an engaging contemporary community where they can live a progressive lifestyle, Hidden Springs offers seniors multiple levels of care, all in a single community,” said Glen Perkins, PMRG's managing director and partner. “Residents will benefit from a unique physician-sponsored wellness program, a full calendar of activities, multiple venues for dining and socializing with a focus on independence, quality active lifestyle and a sense of community.”
This facility will have the latest technologies and amenities designed to meet seniors' active and changing lifestyles. And, it will be positioned to address the primary market's rising demand for a retirement community which recognizes its residents' preference to age in place.
“PMRG believes the independent living senior is looking for greater value and a higher quality lifestyle than what is currently offered today,” Perkins tells GlobeSt.com. “Unlike other continuing care communities where there is a large entrance deposit paid up front, the Hidden Springs resident receives a comprehensive range of hospitality services and a maintenance-free lifestyle, under a simple monthly rental program. The Hidden Springs community will focus on wellness, hospitality, technology and building new relationships among its residents. Our goal is to provide each resident the peace of mind knowing that every need has been anticipated, well in advance of their joining the Hidden Springs community.”
PMRG's development team has significant national and local experience in the healthcare sector, multifamily housing and senior living communities.
“This project allows PMRG to perfectly blend its healthcare and senior living expertise in one of the only high-end senior communities in the submarket, offering upscale independent living, welcoming and attentive assisted living and, if needed, compassionate memory care services,” said Peter Phillips, PMRG's senior vice president of development. “Hidden Springs residents will be able to adjust their required level of care, without the need for a disruption caused by a relocation.”
In addition to active senior living amenities and services, Hidden Springs will provide its residents an on-property wellness program led by 12 physicians specializing in various disciplines who live and practice medicine in the immediate vicinity. These medical professionals will promote resident health-related awareness, and provide communications with both residents and their family members.
PMRG's portfolio not only has third-party management projects, but includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
