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New community will offer innovative memory care and assisted living services to New York City’s aging population
MCLEAN, Va. & TOLEDO, Ohio--(BUSINESS WIRE)--Sunrise Senior Living has been named operator of Welltower’s senior living community being developed in Midtown Manhattan. The project, in collaboration with international real estate firm Hines, is planned for the northeast corner of 56th Street and Lexington Avenue. Slated for a late 2019 opening, the residential community will promote wellness for its senior residents in need of high-quality assisted living and memory care services.
“We believe Sunrise is an ideal partner for us to work with to revolutionize the concept of senior living and meet the needs of the underserved aging population on the island of Manhattan,” said Thomas DeRosa, CEO, Welltower. “Leveraging Sunrise’s world-class memory care programming and services, this new community will distinctively benefit those with Alzheimer’s and other forms of dementia, including residents in the early stages of memory loss. Further, Sunrise’s approach to care will help ensure all residents receive highly individualized service.”
Sunrise currently serves residents at approximately 30 communities throughout the New York City metro area and has 35 years of experience in the assisted living and memory care industry. Welltower’s portfolio currently includes 72 seniors housing communities in the New York tristate area including properties in New York, New Jersey and Connecticut.
“Throughout the world, Sunrise is known for its premium product, including our innovative programming and personalized approach to care. We are perfectly positioned to provide our services in a location like Midtown Manhattan, complemented by prime access to healthcare facilities, retail, restaurants and cultural institutions,” said Chris Winkle, Chief Executive Officer for Sunrise. “This purpose-built residence will be the first of its kind and will allow seniors to continue to call Manhattan home while receiving the high-quality care they need.”
The Manhattan development will support the underserved senior demographic. By the year 2030, the city’s 60+ population will make up one in every five New Yorkers.1 There are few senior living communities on Manhattan, which has fewer than 75 beds that are fully licensed by the New York State Department of Health to provide assisted living and memory care services.
The 15-story building, with 125,000 square feet of living space, is inspired by the classic style of Park Avenue apartments. The physical space will promote a local feel with large windows that take in city views, smaller neighborhood touches throughout different areas and floors, and outdoor living spaces that provide a comfortable transition for current city-residents. To promote local community engagement, Sunrise will help residents take advantage of city living by offering its evidence-based programming that encourages seniors to engage, express, learn and grow. The community will be integrated into the greater neighborhood by building local partnerships, opening its doors to volunteers and creating intergenerational relationships with nearby schools.
Sunrise continues to collaborate with Welltower and Hines on design plans so that the new property is built and beautifully appointed with seniors’ unique needs in mind, including the incorporation of sensory elements for those with memory loss, carefully choosing colors that are best for aging eyesight and creating comfortable, safe spaces for all residents to enjoy.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 31,000 people. As of August 1, 2016, Sunrise operated 310 communities in the United States, Canada and the United Kingdom, including 16 Gracewell Healthcare communities, with a total unit capacity of approximately 27,600. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services. Sunrise's senior living services are delivered by team members who are trained to encourage independence, preserve dignity, enable freedom of choice and protect the privacy of residents. For ongoing information about Sunrise communities and senior-related topics, read The Sunrise Blog and follow us on Facebook. To learn more about Sunrise, please visit SunriseSeniorLiving.com.
Welltower Inc. (NYSE:HCN), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower™, a real estate investment trust ("REIT"), owns more than 1,400 properties in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.
Forward-Looking Statements and Risk Factors
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating to Welltower’s ability to complete the Manhattan development on currently anticipated terms, or within currently anticipated timeframes; the expected performance of Welltower’s operators/tenants and properties; Welltower’s expected occupancy rates; and Welltower’s ability to access capital markets or other sources of funds. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from its expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the receipt of regulatory approvals and third-party consents in connection with the Manhattan development; the respective parties’ performance of their obligations under the Manhattan development agreements; the receipt of applicable healthcare licenses and governmental approvals; unanticipated difficulties and/or expenditures relating to the Manhattan development; the status of the economy; the status of capital markets, including availability and cost of capital; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; and other risks described in Welltower’s Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. Finally, Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
1 New York City Department for the Aging