Construction underway for senior living and memory care community
NEW YORK AND TOLEDO, OH) – Welltower Inc. (NYSE: HCN), the world leader in healthcare infrastructure, and Hines, the international real estate firm, announced today they have closed with a confidential major institutional investor on a limited partnership interest for the development of Sunrise at East 56th Street, an assisted living and memory care community in midtown Manhattan. This transaction represents the first joint venture of this type in the development of an urban senior living building with a major institutional investor, a global real estate firm and a health care REIT.
Construction of the 16-story, 130,000-square-foot facility is now underway and completion is scheduled for the first quarter of 2020.
‘When Sunrise at East 56th Street or ‘The Welltower’ as the building is also known, opens in two years, it will be the most modern and technologically advanced residential senior care building in the world.’ Explained Welltower CEO, Tom DeRosa. “This important real estate project has attracted the attention of a broad array of health care providers and technology companies and will now have a major institutional investor as its partner. This underscores the fact that health care real estate is the next major institutional asset class.”
“This partnership marks another important milestone as we move closer to our goal of addressing the vastly underserved senior population in need of assisted living and memory care services in Manhattan,” stated Hines Senior Managing Director Tommy Craig.
Located at the intersection of the Midtown East commercial district and the Upper East Side residential district, Sunrise at East 56th Street, also known as ‘The Welltower’, is inspired by classic Park Avenue apartment homes and updated to include energy-efficient design features. Designed by SLCE Architects, LLP, the primary community spaces will include oversized floor-to-ceiling windows intended to maintain a close physical connection between the residents and the neighborhood. A variety of community spaces are interspersed throughout the building, creating mini neighborhoods on each floor. Generous outdoor living spaces on the fourth, 11th and 16th floors, will provide landscaped terraces for residents to enjoy throughout the year, creating a safe, multisensory environment. The development will also feature 7,000 square feet of retail at its base.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Welltower Inc. (NYSE: HCN), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust ("REIT"), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.