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Patience Holdings LLC recently closed on the sale of the five-acre site of the former Army Reserve Training Center to 4640 Table Mesa LLC for $3.25 million. Patience, a local entity led by Four Star Realty co-founder Peter Stainton, remains a partner in the new ownership along with Denver-based MorningStar Senior Living LLC and Haselden Construction LLC.
MorningStar will operate the new facility, dubbed MorningStar of Boulder. The company already operates or has under development 20 senior-living facilities in six states. MorningStar chief financial and development officer Matt Turner said Thursday that completion of the $25 million project should take about 12 months, with opening anticipated for May 2015.
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The 76,000-square-foot facility will include 46 assisted-living suites and 44 memory-care suites dedicated to those who suffer from Alzheimer’s disease. Onsite services will include a full-time chef, bistro, massage therapy room, exercise and therapy area, theater, libraries and walking paths.
Turner said the facility will have approximately 30 full-time employees and 40 part-timers. Denver-based Haselden will build MorningStar of Boulder.
“There hasn’t been a similar product built that delivers similar quality or care in Boulder for over a dozen years,” Turner said.
The project has been a few years in the making.
After initially showing interest in 4640 Table Mesa in the early 2000s, Patience Holdings acquired the property from the Army in 2009 in a swap that included Patience constructing a new building for the Army at Fort Carson.
Stainton and Patience submitted three different concept plans to the city for the site and even had site review approval for a residential development that included a mix of single-family homes, duplexes and town homes. But that approval also came during the lows of the recession.
Stainton began discussing a new direction for the site with MorningStar about three years ago and eventually oversaw another successful site review to accommodate the new plans.
“We think it’s going to be a really nice asset in the city of Boulder and filling a need that we see in the city,” Stainton said.