Senior housing land acquired – Finance & Commerce – Finance and Commerce

Senior housing provider Presbyterian Homes & Services has acquired the land it needs to bring 300 new independent living, assisted living and memory care units to Highland Bridge, a mixed-use redevelopment of the former Ford Motor Co. Plant in St. Paul.

PHS Highland Park Inc., an entity related to Roseville-based Presbyterian Homes & Services, recently closed on an $8.25 million deal to purchase the development site, according to a certificate of real estate value made public Friday.

The seller is Project Paul LLC, an entity related to Highland Bridge master developer Ryan Cos. US Inc. of Minneapolis.

The Presbyterian Homes project is scheduled for completion in spring 2023, according to a project narrative. In June, Presbyterian Homes & Services held a ceremonial groundbreaking for the development, known as “Marvella.”

“We are pleased to be able to continue to serve Highland Park and the greater Twin Cities by delivering a senior living community that will allow residents to live well in a uniquely walkable and highly programmed master-planned mixed-use development,” said Jon Fletcher, vice president of Senior Housing Partners, Presbyterian’s development arm.

The homes will rise on Blocks 6 and 7 of the 122-acre Highland Bridge development site.

Block 6 will house 102 independent living apartments, 40 assisted living homes and 40 memory care units, according to the narrative. Block 7 will be home to 118 one- and two-bedroom independent living apartments ranging in size from 667 to 1,815 square feet.

Block 6 overlooks the future Gateway Park within Highland Bridge and offers views toward downtown Minneapolis, according to the narrative. Block 7, near the planned Civic Plaza, will give residents direct access to an amphitheater and water feature.

A pedestrian bridge will connect the two blocks.

From a design standpoint, the buildings will offer “a timeless blend of stone, brick and stucco that nods to the historic character of St. Paul and conveys strength and permanence,” according to Ryan Architects, a division of Ryan Cos.

Senior housing amenities include a pool, wellness center, chapel and dining options, according to Presbyterian Homes.

Founded in 1995, Presbyterian Homes & Services has developed or repositioned more than 100 projects in the U.S. and has been in the capital market for $3.5 billion of development, according to its website.

At full build-out, Highland Bridge will hold 3,800 market-rate and affordable housing units, 150,000 square feet of retail space, 265,000 square feet of offices and 55 acres of parks, recreation fields, open spaces and waterways.

Maureen Michalski, Ryan’s vice president in charge of Highland Bridge, said in an interview last week that crews are making good progress on vertical construction and infrastructure work within the development site.

“We’ve been working on setting the first layer of asphalt down for many of the roads on site. And we’ll continue to work through that process this fall, but the first turnover will start up in about a month on those roads,” Michalski said.

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