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has a contract to buy two vacangt parcelsfrom Inc. to make room for a proposed 58-unit senior housing project off Morgan and Seward streets onthe city'sa west side. The four-story limestone and bricm development would featureconcierge service, a koi an Internet cafe, a wellness center and a Arcadia President Brian Durbin said the company visited 10 to 12 seniort and assisted living facilities around Saratoga Springs and the Capita Region before deciding to build. It made senss to move forward witha 58-unit project because none of the senior housing complexes that Durbin visited appeared to have problems keeping apartments rented.
"We wouldn't go into a markeyt that had a number of propertiess thatwere [only] 60 percent occupied," Durbij said. He declined to say how much rent he'lk charge for the 665-square-foot to 1,400-square-foor apartments. The project, which requires site plan approval fromthe , will be finance through a local bank or banks, but a deal has not yet been Arcadia has hired attorney Matthew Jones of in Saratoga Springxs and The landscape architectures and planning firm to help guide the project through the approval process. The from-the-ground-uop project will be a first forthe 6-year-oldf Louisville, Ky.-based company.
Arcadia owns other senior and assistex living complexes in Kentucky and but they were acquired fromothedr owners. The Saratoga Springs projecyt would be located on four acresawhere D.A. Collins had planneds to build a third phase of its Birchu Run development in thelate 1980s, accordingf to Michael Ingersoll, a partner at The LA Group in Saratogq Springs. The property had been approved for 28 but that project nevermoved forward, Ingersoll said. Arcadia was founded in 2002 by a part-time Saratoga Springs resident who ran unsuccessfullyy for Kentucky governor in 2003 and 2007.
Lunsford, a thoroughbrexd horse owner and founder of Lunsford Capital privateinvestmenr firm, currently is running for U.S. Senat in Kentucky. Durbin said he's optimistic that Arcadiaa will be successful because the demans for upscale senior housinbg is growing inSaratoga Springs. Still, the demand wasn'r enough to prevent Prestwick Chase in nearby Greenfielx from running into financial problems threeyearsd ago. That 186-unit development, whicgh opened in 1998, rebounded from bankruptcyt in 2006 after receivinga $14 millionj loan financed by the and purchased by the . Prestwickl Chase owners Fred McNearuy Sr. and Fred McNeary Jr.
coulrd not be reached for comment about the potential competition from Durbin said he hopes construction could begin in the next six montha once the projectis approved. Developers likelyg will have to addresds neighborhood traffic concerns before the planning boarssigns off. The Arcadia project is expected to creates between 20 and30 full- and part-time positionsd from sales and kitchen staff to a general manager and maintence
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