Developers plan to break ground in August on a senior living project with 206 upscale units at the Triangle, marking the final phase of the mixed-use development in North Central Austin.
Called The Village at The Triangle, the project is slated for a 1.4-acre site within the larger 30-acre Triangle development bounded by Guadalupe Street, North Lamar Boulevard and West 45th Street. Austin-based W2 Real Estate Partners is partnering with Bridgewood Property Co. on the senior-living project. Bridgewood, based in Houston, has focused exclusively on senior living for more than a decade.
The Village at the Triangle will have seven floors of apartment units atop two levels of parking. The luxury community is expected to be completed in early 2018, bringing independent living, assisted living and memory care options to an area in need of more, the developers say.
Rents have not yet been set.
“It’s unique to have a senior’s site in the densely populated urban core, particularly within a well-known mixed-use project and minutes away from established retail, medical services and religious institutions,” said Steve Freche, executive vice president with W2 Real Estate Partners, the rebranded successor of Simmons Vedder Partners, which built the original phases of the Triangle including retail and apartments. “When we looked at the five-mile radius around the site, it was clear that this long-established Austin submarket in close proximity to Austin’s finest hospitals, was very much underserved in quality senior living options.”
Currently, both independent living and assisted living units in that market area are 96 percent occupied, and memory care units in the vicinity are 98 percent occupied, Freche said, citing research by Integra Realty Resources.
“We’re already receiving calls from prospective residents in the area who are looking for a seniors’ facility in close proximity to their longstanding neighborhoods, friends and families,” Freche said.
Central Texas has seen a growing number of senior-living projects being built or planned, as demographic trends continue to drive demand.
Another large mixed-use project being proposed near West 45th and Bull Creek Road, the Grove at Shoal Creek, also includes senior housing in its plans.
“Baby Boomers began turning 65 in 2011 and are now turning 65 at a rate of more than 10,000 per day,” Integra said in its 2016 Seniors Housing Outlook. “This ‘graying of America’ will lead to significant demand over the next few decades.”
The report said 49,000 units — independent living, assisted living, memory care and skilled nursing — were in the construction pipeline in the top 100 U.S. markets as of the fourth quarter of 2015.
The current wave of independent living facilities reflect consumers’ changing tastes, the report said.
“In an effort to lure Baby Boomers, many projects boast modern architecture with larger units featuring premium finishes such as granite countertops, stainless steel appliances, and upgraded flooring. Another emerging trend is that many new projects are being built in infill locations, where residents have the ability to walk to restaurants, shops, and cultural attractions.”
Both trends apply to the planned Village at the Triangle. Most units will have designer kitchens with granite counters and stainless steel appliances, plus balconies and floor-to- ceiling glass windows.
Two terraces with outdoor seating and dining options, fire pits and activity areas will overlook a pond and green space at the Triangle.
Other amenities will include an indoor heated saltwater pool, a fitness/aerobics center, a movie theater, an arts and crafts studio, a salon, library, a putting green, a convenience store and numerous lounges.
The location will put residents close to shops and restaurants in the Triangle, as well as nearby retail, medical and other services.