Senior Care Denton TX
It is not very often that an opportunity like this presents itself. The Fairhaven is a historically significant building that was originally designed by arguably the most prominent architect to have come from Texas, O’Neil Ford. In his long and distinguished career, he achieved both popular and critical success, and his lists of achievements were considerable. In 1960, Ford was made a Fellow of the American Institute of Architects. He was appointed to the National Council of the Arts by President Johnson and in 1974 would be declared as a “National Historic Landmark” by the Council, the only individual ever so honored.
The Fairhaven was originally built as a senior care facility in 1963 and opened to its first residents in 1965. The building is well located near several churches, one block from Denton’s Historic District, and a few blocks from Texas Women’s University. The building was closed down in 2007 and has subsequently fallen into disrepair. The scope of our work will be a full rehabilitation of the building, interior and exterior. All historically significant architecture will be preserved and maintained.
The interior will include 48 units and an expansion of the amenity package. Based on a recent Third-Party Phase I Market Study, the market currently shows a net demand of 101 units for AL. Projected net demand for 2021 shows 196 AL units. Through delivering an architecturally significant building, with a brand-new interior, combined with affordable pricing, we expect the building to lease up exceptionally fast compared to the industry standard.
Due to the property’s historic significance, we have overwhelming support from the City of Denton, who has offered a 50% property tax abatement for 10 years. It is expected that the property may benefit from other development incentives from the City, to include rebates on Building Permits, Impact Fees, Licensing Fes and possibly further reductions in property taxes. All of these savings, combined with a relatively short construction schedule, will allow the project to benefit with increased cash flows.