We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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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.
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.