The developers of a proposed, high-end 104-unit senior living facility off Mountain Creek Road got approval Wednesday to pursue tax-exempt bonds for the construction of the estimated $60 million project near Red Bank Elementary School on a 39-acre tract with a tumultuous recent history.
WholeLife Cos., headquartered in Texas, will develop the site and build the facility. It’s to be managed, upon its completion, by Samaritan Housing Foundation II, based out of Atlanta.
Officials with WholeLife and Samaritan attended Wednesday’s city Health, Education and Housing Facility Board meeting where the bond issuance hearing took place. WholeLife and Samaritan Housing leaders are seeking $60 million in multi-family, senior living revenue bonds to finance acquisition of the property and construction of the facility.
Units will reportedly rent for around $3,000 a month.
Stan Brading, president of Samaritan Housing, said his company wants to breathe new life into the Mountain Creek Road property and sought to remove Samaritan from past, failed endeavors to develop it.