Planners for a new senior housing development in Chattanooga are slated to seek $60 million in tax-exempt bonds from a city panel later this month to finance the project.
Samaritan Housing Foundation II plans to oversee the building of the 104-unit senior living facility off Mountain Creek Road near Red Bank Elementary School.
The Atlanta nonprofit is working with Texas-based development group WholeLife Cos. and is slated to go before the Chattanooga Health, Educational and Housing Facility Board on March 23, said Stan Brading, president of Samaritan Housing.
Brading said the project was originally proposed in 2013 but didn't come to fruition for a variety of reasons.
"We mothballed the idea for a while," he said. "We're coming back with the exact same plan."
But, the proposal then called for a $40 million senior community. Brading said construction costs have risen over the past three years and Samaritan is "trying to create a little more space for ourselves."
The revenue bonds will finance acquisition, construction, installation and equipping of the units at 1120 Mountain Creek Road, which will be for rent. Brading said he didn't know how much the rental rates will be for the units which will be mostly two and three bedrooms in size.
He envisioned that renters will include people who've sold their primary home "and want to rent another place where it's easy living."
"It will have extra room for the grand-kids and family," Brading said.
Plans are to start construction later this year with an opening set for fall 2017, he said.
WholeLife Chief Executive John Lowery couldn't be reached for comment, but he said in 2013 that the units on the 39-acre site will range from 1,600 square feet to 1,850 square feet in size and include a two-car garage.
Lowery said census figures indicate about 26 percent of Chattanooga's population is over age 62.
Chattanooga attorney Louann Smith of Baker Donelson said Samaritan is a 501c3 nonprofit that meets the tax-exempt bond requirements for that type of project.
She said the project will have to house seniors but does not need to set aside a certain number of units for low- or moderate-income elderly people.
Brading said the units will be built with a clubhouse and a central facility for activities and health and wellness programs. But, there will be no food or meal program, he said.
The name of the site likely will include WholeLife, he said.
Samaritan owns a facility in Cary, N.C., though it's much larger and has independent living facilities, Brading said.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.