Thursday, August 13, 2009

Staten Island to Get 345 Senior Housing Units

Last week, public officials and private developers gathered at Sea View hospital in Willowbrook to announce the start of a project that will bring 345 senior housing units to Staten Island. The project will include assisted-living apartments as well as for-sale independent living condominiums for moderate and middle-income residents.

The announcement caps off more a decade long development process, but results in a project that will create a 35 acre park in addition to the 15 acre senior housing project.

The announcement was made by Staten Island Borough President James Molinaro, Councilman James Oddo, the president of the New York City Economic Development Corp, Seth Pinsky, and R. Randy Lee an attorney and the owner of Leewood Real Estate Group, who will be co-developing the property with the Metropolitan Council on Jewish Poverty, a nonprofit organization.

The project expects to beak ground in 2010, and will start with the creation of 132 units of subsidized assisted living. The assisted living facility will target seniors incomes of $40,000 to $50,000 a year, and will have rents between $3,000 to $3,200 a month, and will include services such as meals, housekeeping, and personal care. Comparable facilities on the Island charge considerably more.

The second phase of the project will create 213 independent living condominiums. Of that number 70 units will be affordable units, with sales prices below market rate targeting low- and moderate-income seniors. The project also includes the rehabilitation of the landmarked Director's Residence building for use as a guest house and office space.

Borough President Molinaro provided $5 million to the project, and EDC invested $45 million into the first phase of the project, all to make the project within the reach of all seniors on Staten Island. The projected cost of the assisted living in the first phase is close to $65 million.

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