Senior Housing
Drucker & Falk's Senior Living Department's initial foray into the senior housing market is now a reality. The firm's first project--a Continuing Care Retirement Community (CCRC) named Galloway Ridge at Fearrington Village, located just outside of Chapel Hill, NC--opened in the summer of 2005. The CCRC was the single largest project Drucker & Falk had ever undertaken, with project costs in excess of $75 million. The project, which Drucker & Falk initiated in a precedent-setting partnership with the Duke University Health System in 1999, is comprised of 230 independent living units, 40 units of assisted living/skilled nursing and a 20,000 square foot Duke Center for Living fitness/wellness center. The development team included CRSA, a nationally recognized CCRC development firm based in Memphis TN. Duke and Drucker & Falk jointly contracted with CRSA in the early stages of the community's development. Galloway Ridge today is a not for profit 501 c-3 entity, with an independent Board of Directors. DRUCKER & FALK, Duke and CRSA remain involved as the community's development team.
Drucker & Falk's second major senior living development began in 2004 with the purchase of the historic Chamberlin Hotel in Hampton, VA. Drucker & Falk created a syndicated investment group to own The Chamberlin project and serves as the development manager on behalf of the ownership group. DRUCKER & FALK serves as the property manager of the Chamberlin as well. It features 133 independent living apartments located within the restored hotel. Construction on The Chamberlin (see www.historicchamberlin.com) began in June of 2006 and is set to be completed, and open to residents this June. The Chamberlin is a "for rent" retirement community with apartments ranging in size from 700 sq/ft up to 1500 sq/ft. This is an age restricted independent living retirement community open to residents age 62 and over.
The Chamberlin is one of the most eagerly anticipated developments in the Tidewater region bringing back to life a hotel which, in it's "hay day," was the finest hotel in the area with a history dating back to 1928. It is also an architectural icon of the area, and is on the Federal and State of Virginia register of historic buildings. It features unsurpassed views of the Hampton Bay and Atlantic Ocean from as high as eight stories up. The total project cost of the Chamberlin is over $55 million dollars. The Chamberlin was the largest historic tax credit project ever undertaken in the State of Virginia at the time of construction loan financing. Sentara Healthcare, the dominant healthcare system in the Hampton Roads market, will be The Chamberlin's healthcare partner in what is an unprecedented relationship between the health system and Drucker & Falk, LLC. It will provide home healthcare services to enable residents to age in place in their apartment homes, and will also provide facilitated access to it's near by assisted living and skilled nursing facilities. Fitness/wellness services will be provided by Sentara as well, along with a host of other healthcare services over time.
Drucker & Falk has begun a third major retirement community development, this one in the Raleigh, NC market. This project is a CCRC located at the "new" North Hills (www.NorthHillsRaleigh.com) in Raleigh's Midtown, and is a joint venture with Kane Realty, the developer of North Hills. The CCRC is named The Cardinal at North Hills, and is being developed in collaboration with The Duke University Health System. The project reprises the Duke partnership initially created by Drucker & Falk at Galloway Ridge. Drucker & Falk's senior living department is providing leadership for the development process on behalf of DRUCKER & FALK. This project features urban living at its finest, with the retirement community located in the midst of innumerable shops, restaurants and entertainment venues. The Cardinal will offer 200 independent living residences and a full continuum of healthcare options, along with over 60,000 sq/ft of common space. The Cardinal will operate on a 90% refundable entrance fee model. For more information on The Cardinal, the Web site address is www.TheCardinalAtNorthHills.com. New Web site content will be incorporated soon.
Soon to be officially announced is the development of another CCRC to be located in Hillsborough, NC, just north of Chapel Hill. A Sales & Marketing office is set to open in April. Here Drucker & Falk will be the developer of the CCRC on behalf of a not for profit owner. Discussions with Duke University Health System are actively underway with a view toward Duke sponsorship and services such as are already in place at Galloway Ridge and the Cardinal at North Hills.
Finally, Drucker & Falk's senior living group is readying an announcement in the Charlotte, NC market concerning a partnership with a major health system in that market to develop a CCRC in the South Park area on a site that is going to be re-zoned as a dense urban village development. Some market research has been undertaken, resulting in unprecedented response rates, reflecting strong interest in the project and with the health system identified as the sponsor organization. Drucker & Falk and this organization have signed a Letter of Intent to work together in the CCRC's development.
Mr. Robert C. Lippard is the Director of the Senior Living Department. Mr. Lippard's background had been in healthcare administration, where he had a decorated career of 20 years in hospital administration. He was recognized nationally as one of the Top 50 Young Healthcare Executives by the leading trade publication in that field, and also was one of the Top 10 Chief Operating Officers in his company, Hospital Corporation of American. Mr. Lippard's knowledge of seniors' issues and key contacts within the healthcare provider community in the Raleigh/Durham area, as a result of his nearly ten year career in the Triangle, were seen as key attributes for his new role. Mr. Lippard grew up in Lynchburg, VA and is a 1974 graduate of UNC - Chapel Hill. He obtained a Master's Degree in Healthcare Administration in 1978 from George Washington University in Washington, D.C.
Current Projects:
For more information on Continuing Care Retirement Communities (CCRC) please contact Bob Lippard at (919) 846-7300.
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