Posted Jul 12, 2018, 9:14 PM
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Join Date: Jan 2009
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New senior living high-rise breaks ground in Tanglewood
Quote:
A new Tanglewood high-rise building near Woodway and Voss will add to the growing portfolio of senior living options in the works around Houston.
Dallas-based Tradition Senior Living LP broke ground on The Tradition-Woodway, a 23-story high-rise that will include 222 independent-living and 92 assisted-living and memory-care units, set to complete by April 2020. This will be the developer’s second senior living project in Houstonand the first high-rise for the company, said Jonathan Perlman, founder and CEO of the company.
Perlman wouldn’t disclose construction costs for the project, but public permits filed with the city of Houston totaled $83.96 million.
“It’s a phenomenal location and an area where we think the product we provide will be very well-received,” Perlman said, referencing the proximity to Second Baptist Church and both the Memorial and Tanglewood neighborhoods. The company’s first Houston project, The Tradition-Buffalo Speedway, will open by December 2018 or January 2019.
Tradition bought the land from a partnership named SIC Ripple Creek LLC, which he said included a group of condo owners and retail owners. The deal closed in September, and Perlman said the deal was done in-house.
Pelican Builders eyed the same site for a condo project in 2015 but ended up not moving forward. Derek Darnell, president of Pelican, said in an email that the land owners “preferred a product that would produce income for many years, a rental property. And senior housing seemed to be a good fit for them.”
Houston-based Jackson & Ryan Architects designed the project, and Houston-based D.E. Harvey Builders is the general contractor. The Bank of Texas provided a construction loan.
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