A 248-unit senior living residences ‘Clarendale Arcadia‘ is set to be built on a six-acre site just southeast of 32nd Street and Camelback Road. The project will be carried out by a joint venture among Harrison Street, LCS and Ryan Companies. The partnership entered into a long-term ground lease with landowner, LAKO.
Financing has already closed for the project. Fifth Third Bank, N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent for the 347,346 gross square foot project.
ORB Architecture LLC, the project architect, has created a unique design, while complementing the character of the surrounding area. The high-end community will include 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet.
Award-winning interior design firm, Thoma-Holec Design, has incorporated an abundance of amenities including a fitness room, cardio room, salon, community room, movie theatre, bistro, two dining rooms, a pool and recreation deck, cabanas and outdoor seating areas. Residents will also have access to underground parking.
Co-owner, developer and builder of the new community, Ryan Companies, has started demolition and utility infrastructure work. Phase one will be completed summer 2022 followed by phase two in winter 2022. The community will be managed by Life Care Services, an LCS Company, and pre-leasing will begin in the summer of 2021.
Ryan Companies has built 46 senior living communities throughout the country, and Life Care Services currently partners with more than 140 communities across the nation. Together, this is the tenth development by the Ryan and Life Care Services partnership, and the second Clarendale community in Arizona.