A Chicago developer will build a new $30 million, 120-unit assisted living community for low-income seniors in Valparaiso.
Evergreen Real Estate Group said it secured financing for the project at 2550 Morthland Drive, which could start welcoming its first residents by early 2023. The development will be called Green Oaks of Valparaiso.
The company said Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and start preliminary site work before the end of January.
“Green Oaks of Valparaiso is the second affordable assisted living community we are developing in Indiana, and we are thrilled to again be partnering with Gardant Management Solutions,” said Steve Rappin, CEO of Evergreen Real Estate Group. “As with our other community in Goshen, Green Oaks of Valparaiso will provide best-in-class housing and care for low-income seniors, including those who require assistance with daily activities.”
The development will feature 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older, with incomes at or below 60% of the Area Median Income. A financial assistance program will be available for qualified applicants.
The Indiana Housing and Community Development Authority authorized 4% low-income housing tax credits to support the project. The city of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler, providing debt financing, Evergreen representatives said.
Gardant Management Solutions is among the largest providers of assisted living facilities in the country, according to Evergreen. Green Oaks of Valparaiso will be licensed and regulated as a residential care facility by the Indiana Department of Health and approved to be an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.
Rappin said in response to the pandemic, Evergreen has adapted the design of its senior living communities to help keep residents safe and healthy.
“We call the changes we have implemented our ‘pandemic response,’ which includes everything from additional hand-washing and sanitizing stations to spaced out furniture configurations,” he said.
Each residence will feature a kitchenette with an electric range, refrigerator and microwave, as well as a full private bath with grab bars and a walk-in shower. Apartments also will include window treatments, individual heating and air conditioning, and an emergency alert call system.
On-site amenities at Green Oaks of Valparaiso will include a community room with kitchen, media and theater room, computer room, meeting room, fitness center, beauty salon, library, community garden and outdoor area featuring a pond, courtyard and pavilion. There will be 90 parking spaces for residents and visitors.
The community’s dining room will serve residents three meals a day, plus a rotating assortment of snacks. Certified staff will deliver 24-hour care and assist residents with bathing, grooming, dressing, managing medications and shopping.
Other services include laundry, weekly housekeeping and transportation to off-site healthcare providers and other destinations throughout Valparaiso.
“Our focus is on helping each resident achieve and maintain as much independence as possible for as long as possible,” said Rod Burkett, CEO of Gardant.
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