Ryan Companies, Grand Living Management Start Construction on Grand Living at Tuscan Lakes
Ryan Companies US, Inc., a national developer, designer, builder, capital markets partner and real estate manager offering full-service commercial real estate solutions, Grand Living Management and Bow River Capital have formed a joint venture and announce today the financial closing and beginning of construction for Grand Living at Tuscan Lakes. The luxury senior living community located in League City, Texas will be part of Tuscan Lakes, a Johnson Development master-planned community located in the southeast area of greater Houston.
The 75 and older demographic is expected to grow 26.6%, more than triple the total population growth in the area between 2019 and 2024, according to Moore Diversified Services, Inc. With the limited supply of senior housing communities on the market, Grand Living at Tuscan Lakes will bring nearly 186 residences to Tuscan Lakes to fulfill the anticipated senior living demand.
“Grand Living at Tuscan Lakes will be the only age-in-community option in the area, which will allow residents to remain in their home, even as their healthcare needs change,” said Eric Anderson, senior vice president of senior living development, Ryan Companies. “Our partnership with Grand Living is focused on creating places for seniors to thrive. This concept is brought to life through our unique model that anticipates the progression of senior living.”
Grand Living at Tuscan Lakes will be a 211,805-square-foot luxury, four-story building with 148 independent and assisted living, and 38 memory care age-in-community units. Amenities will include a grand lounge and Legends Club, library, several dining options, a performance theater, spa and fitness center featuring a full-service salon, pool and courtyard, therapy/tele-health rooms, game rooms, a gift shop, chapel and outdoor spaces.
“We are proud to be a part of the Tuscan Lakes community and look forward to showing our future residents First Class Happiness, showcasing our extraordinary environment and remarkable programs and services,” said Dan Peterka, Grand Living’s president and CEO.
Residents of this new community will have access to Tuscan Lakes’ meandering pedestrian walkways that link to a community hike-and-bike trail system. There is also easy access to retail and healthcare.
Ryan Architecture + Engineering is the design architect for this project. Bank of the West acted as lender for the 186-unit protect. Upon completion in Spring 2023, Grand Living Management will oversee day-to-day operations and Bow River will provide asset management services.
Ryan Companies has completed 54 senior living communities across the country and of that portfolio, developed 27. This will be the third Grand Living senior living community in Texas and 11th project overall. Grand Living at Georgetown is expected to open November 2021 and Grand Living at Riverstone, located at another Johnson Development master-planned community, is expected to open early 2022.