Beatitudes breaks ground on $260M redevelopment plan
Beatitudes Campus, located in north central Phoenix, broke ground a $260 million redevelopment on Thursday, Feb. 21. After completion of the eight-year redevelopment project, Beatitudes Campus will be the largest life plan community in Arizona. Phase I of the redevelopment is the construction of 34 Patio Homes located along 17th Drive and Myrtle.
“It’s a transformational time for Beatitudes Campus,” says Michelle Just, president and CEO. “We have been serving seniors for 55 years, and we are building on our strength and reputation to serve seniors for the years to come. This master plan will ensure that we are poised to deliver high quality and innovative living choices and amenities that matter most for seniors to age in place.”
Throughout its history, Beatitudes Campus has served 16,000 seniors. Currently, 750 seniors live at the campus or take advantage of our home services. With the completion of the master plan, the campus will serve 1,000 residents.
Financing for the project’s phases will take the form of several tax-exempt revenue bond financings issued through the Industrial Development Authority of the City of Glendale, Arizona.
The first phase of the redevelopment will be the construction of 34 Patio Homes at a cost of $12.6 million. This living choice is the most sought-after residential option at Beatitudes Campus and more than 70% of the homes already have been reserved. Throughout the eight years of the master plan, no area of the campus will be untouched. Construction of two new independent living buildings in addition to the Patio Homes, renovation of existing buildings that are 50 years old, and expansion and addition of amenity spaces designed for residents and community are planned.
“An investment of $260 million is not just an investment in Beatitudes Campus,” says Andres Contreras, chair of the Beatitudes Campus Board of Directors and executive vice president at Chicanos Por La Causa. “It is an investment in the community. The Board and Beatitudes Campus feel a profound responsibility to not only to empowering seniors to live purposeful lives but also to ensure the success of its north central Phoenix neighborhood and the greater Phoenix community.”
A project of this size could not be completed without many partners. The project has benefited from the expertise of a syndicate of 3 innovative, nationally recognized investment banks that specialize in the long-term care industry. The effort has been led by Ziegler Securities in concert with co-managing underwriters BB&T Capital Markets and HJ Sims. Orcutt|Winslow, a Phoenix-based architectural firm that specializes in sustainable design, is overseeing the design of the redevelopment project. The Weitz Co., the largest general contracting firm west of the Mississippi, is the general contractor and is managing the construction.