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HomeMy WebLinkAbout2017-04-12 Handouts @ Meeting4/11/2017 Retail Developer Oppidan Pursues $400 Million Senor Housing Pipeline- Senior Housing News y f to:k to "'-ee cvr WAR WINNING mamstreef . MMA- PORTFOLIO HOME NEWS ADVERTISE RESEARCH JOBS COMPANIES Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline March 29, 2017 by Tim Mullaney 19 This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring Investment f=orum is brought to you by Mainstieet. As the nation's largest developer of transitional care properties, Mainstreet specializes in real estate development, value investments and health care. With Mainstreef's support, SHN is bringing event coverage of the NIC conference, which draws developers, providers and operators within the post- acute and preventative health care services space. After entering the senior housing space about three years ago, Oppidan Investment Company is going big, with a $400 million development pipeline in the works and partnerships with well-established operators. Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it now has completed more than 400 projects valued at more than $2.7 billion. The company seized an opportunity that came its way in 2014 to develop a senior housing community in the community of Woodbury, close to Oppidan's headquarters in the Twin Cities suburb of Excelsior, Minnesota. That projec"ubbed Red Rock Senior Living--inoved quickly, going from groundbreaking in 2014 to being open and fully leased up in 2016, Oppidan Vice President of Development Shannon Rusk told Senior Housing News last week at the National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum in San Diego. Though not intending to sell the property, Oppidan again took advantage of an opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust (REIT) Welitower Inc. (NYSE: HCN) bought the property for an undisclosed price, Oppidan announced earlier this month. The 77 -unit building includes 39 high-end independent living and assisted living apartments, 32 for memory care, and six suites. It is operated by Ebenezer Management Services, the senior housing arm of Minneapolis- based Fairview Health Services. However, the sale of Red Rock did not mark the end of Oppidan's involvement in the senior housing space. Currently, the company has an estimated 1,100 units either open or under construction. There are four active projects in Minnesota and one in Napa, California. The total development pipeline represents a $400 million investment, Rusk estimated. This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled to open its doors. The other Minnesota developments are located in the city of Mankato, the Twin Cities suburb of Shorewood, and near the University of Minnesota in the Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to be the largest, at nearly 300 units, with university partnerships in the works for programming. Ebenezer is the operating partner for all of these projects. Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing coastal markets, according to Rusk. And it already is in the process of obtaining permits SPONSORED BY V� '° mainstreef click; tc� see air portfc :lid httpJ.k, n orhomirwam.coml2017/03WreWl-developer-oodan-pursues-400-millior}senior-hawing ppeliriel 113 4111f2017 Retail Developer Oppiden Pursues $900 Million Senior Housing Pipeline- Sertior Halling News for a community in Napa, California, to be operated by Tucson, Arizona -based Watermark Retirement Communities. The Oppidan Model With concerns about senior housing oversupply circulating, Oppidan is highly disciplined and empirical in its market selection, Rusk emphasized. "We spend an inordinate amount of time on the pro forma," she said. "We've selected locations and sites with supply and demand that's going to make sense, and we've passed on many. We listen. We've got a few third -party market study companies we work with ... and we look to our operator to make sure we're not suggesting rents that just make a pro forma look good: Oppidan's first foray into senior housing, with the Woodbury project, initially involved an operator relationship that did not work out. The relationship with Ebenezer began through a request for proposals that Oppidan issued, Rusk said. Similarly, the Watermark relationship began through an RFP. "I'm not sure if we just got lucky. Half of this is luck," Rusk said of connecting with these operators. "They're great. I think we've got the best of the best, and that's probably more important than having a good location." Oppidan developments are amenity -forward, with the goal of creating an active lifestyle vibe rather than a clinical one, although the health care piece is present in the background. Independent living and assisted living units are fully interchangeable, with the only difference being that the level of services provided is higher in AL. One benefit of this arrangement is that residents do not feel like they have to re -locate to a different class of unit as their needs increase, Rusk said. It also allows the property to respond nimbly to market demands. "We plan per pro forma that there will be this many independent living and this many assisted living units, but if you have 50 IL units and 50 AL and on day one you get 100 IL [customers], we can move them all in," Rusk said. So far, Oppidan itself has provided all the equity and financing for its senior housing developments, but it is open to other partners as lead volume in this space grows. And the company expects to keep expanding its senior housing portfolio, given the favorable demographics. "There hasn't been day -one for the baby boomers moving into senior housing yet, so it's going to be here for a long time, but you've got to be smart," Rusk said. Written by Tim Mullaney 19 You Should Also Road: ;lea! I_: +atm: Company Launches t`e-w Senior !wirq Arm In the- Pippline.: Senior Housing Gonstruct:on Project, (1.14.16) jUadate-, HCl, lnko S2.3 Bilttcn HesRhLv.ase, Mag nstreet Categories: t+ss.stod I.:v.nq, r nonce and Devoiapment, Independent t wine], !1.1e.nwry Care, Trending Companies: Fbene: e,r h1anagernent Seerv;W ,, NIC, NICLIYE, Oppidan Investment Company, VVateern:a rk hetiremen' Corriniumues, tr•.'eilto-xer RECENT COMMENTS Senior L:vinn (;LOs Go Big on Dati:. ILI Not on Disount; t.irnday J(:;rp-Star:. Ch ip at !!,,D 3rcnk iofe .alY,utt QCP Grants Forbearance tr.:",2no.' are, !f;n'.s ::t -Major Restructuring These Are ^.e t east -'7 iageu ::or�ars tr, fie."SCr Iirnq la,,nutt fak. ; Alm at Rmokdale Staff..na Na,^tires Dost IVs! -Acute Care Des:g. 251, 6: Rehm. Meets Country Club Best Student Desup i 201 b. A Futurist(c But Rea!i•,w Sensor Luing Comn3un:ty Rest of independent 1 suing Desa;n 2016: l;reat.nq an Urban 't or;' Fae;or Announcing the Senior Housn.g Neal dmht:a,!bire Uei;tgn At;ards ,'V:rrers 2016 Land Acquisition and Devieopment Strategies Learn from experts as they share their thoughts and insights into developing nein seRlor living communities. j.tehed Mcst Fcpular 6ent,r 1-rmiq; http7lsenorholrsingnews.cornMM7AaWretail-developer-oppidan-pursues-900-million•senior-housing-pipelinW 213 411112017 Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline- Seniar Housing Mews clerk to seee Ovr '' _ Pr mamstreet ,ORTFOLIO,l�,� ........_ HOME NEWS ADVERTISE RESEARCH JOBS COMPANIES Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline March 29, 2017 by Tim M ulla .ey is This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring Investment Forum is brought to you by Mainstteet. As the nation's largest developer of transitional care properties, Mainstreet specializes in real estate development, value investments and health care. With Mainstreet's support, SHN is bringing event coverage of the NiC conference, which draws developers, providers and operators within the post- acute and preventative health care services space. After entering the senior housing space about three years ago, Oppidan Investment Company is going big, with a $400 million development pipeline in the works and partnerships with well-established operators. Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it now has completed more than 400 projects valued at more than $$2.7 billion. The company seized an opportunity that came its way in 2014 to develop a senior housing community in the community of Woodbury, close to Oppidan's headquarters in the Twin Cities suburb of Excelsior, Minnesota. That project—stubbed Red Rock Senior Living—moved quickly, going from groundbreaking in 2014 to being open and fully leased up in 2016, Oppidan Vice President of Development Shannon Rusk told Senior Housing News last week at the National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum in San Diego. Though not intending to sell the property, Oppidan again took advantage of an opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust (REIT) Welltower Inc. (NYSE: HCN) bought the property for an undisclosed price, Oppidan announced earlier this month. The 77 -unit building includes 39 high-end independent living and assisted living apartments, 32 for memory care, and six suites. It is operated by Ebenezer Management Services, the senior housing arm of Minneapolis- based Fairview Health Services. However, the sale of Red Rock did not mark the end of Oppidan's involvement in the senior housing space. Currently, the company has an estimated 1,100 units either open or under construction. There are four active projects in Minnesota and one in Napa, California. The total development pipeline represents a $400 million investment, Rusk estimated. This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled to open its doors. The other Minnesota developments are located in the city of Mankato, the Twin Cities suburb of Shorewood, and near the University of Minnesota in the Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to be the largest, at nearly 300 units, with university partnerships in the works for programming. Ebenezer is the operating partner for all of these projects. Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing coastal markets, according to Rusk. And it already is in the process of obtaining permits SPONSORED By mainstreet° c Ick: to See Our a ,cern-�, inning portfolic, httpJ/s�iorho sirgnews.cornMl7lO311.9/retaii-developer-oppidan-pursues-400-million•seriar-hoWn--pipalirre! 1I3 41112017 ReW Developer Oppidan Pursues $400 Million Senior Housing Pipeline - Senior Housing News for a community in Napa, California, to be operated by Tucson, Arizona -based Watermark Retirement Communities. The Oppidan Model With concerns about senior housing oversupply circulating, Oppidan is highly disciplined and empirical in its market selection, Rusk emphasized. "We spend an inordinate amount of time on the pro forma," she said. "We've selected locations and sites with supply and demand that's going to make sense, and we've passed on many. We listen. We've got a few third -party market study companies we work with ... and we look to our operator to make sure we're not suggesting rents that just make a pro forma look good." Opp'idan's first foray into senior housing, with the Woodbury project, initially involved an operator relationship that did not work out. The relationship with Ebenezer began through a request for proposals that Oppidan issued, Rusk said. Similarly, the Watermark relationship began through an RFP. "I'm not sure if we just got lucky. Half of this is luck," Rusk said of connecting with these operators. "They're great. I think we've got the best of the best, and that's probably more important than having a good location." Oppidan developments are amenity -forward, with the goal of creating an active lifestyle vibe rather than a clinical one, although the health care piece is present in the background. Independent living and assisted living units are fully interchangeable, with the only difference being that the level of services provided is higher in AL. One benefit of this arrangement is that residents do not feel like they have to re -locate to a different class of unit as their needs increase, Rusk said. It also allows the property to respond nimbly to market demands. "We plan per pro forma that there will be this many independent living and this many assisted living units, but if you have 50 IL units and 50 AL and on day one you get 100 IL [customers], we can move them all in," Rusk said. So far, Oppidan itself has provided all the equity and financing for its senior housing developments, but it is open to other partners as lead volume in this space grows. And the company expects to keep expanding its senior housing portfolio, given the favorable demographics. "There hasn't been day -one for the baby boomers moving into senior housing yet, so it's going to be here for a long time, but you've got to be smart," Rusk said. Written by lm Mullaney 19 You Should Also Read: ;teal Fntate Company Launches Ne.f Senwr Living Arm In the Pipeline: Senior Ficus:ng ;_ nr+siruc:tio: Projects (1:1+16) j <pdote; HCNI lnkc S2.3 Bdiicn .ha! v.,Ah HealthLease. rkla:nstreet Categories: Assisted iwinq, t':na^c,e and Development, Inoopendent t iv;ng, Memory Care, Trending Companies: E ens>er klanagerrrent Servicos, INlC, NICLIVE-, Oppidan Inve-Ament Company, !.'ate:rwa:rk Retirement Communities, VJVlt0:a2r RECENT COMMENTS Senior Livir�g CEOs Go Sig an Not an Di,count:; P.ir,;t:tay ,ie�y,-^,lar:. Ci!an3e 2i ! !..� 3rt:akd !e t a:7;Utt QCP Grants Forbearance V. :Major Restructuring Thm,e Are The least-'t,iaged :Yorbars in Sarre t ivini; to isurt rakes A;rn at Broukdoie Staffing Prac±;res Dest i'ost-Acute Care Des:gr.: ,..c: Rehac Nieets Country Cleb Best Studen+ L'e,,gr. 201 b. A Futunstic 2,0 Reali';trc Senior Lamy Comnjun:ty Best of lndepandPrt ! ring Design 2U16: Creating an tlrhan'sloe I -actor Announcing the Senior Housing Nc n•:: Arclijle, tune f, Design A cards S':rners 2016 Land Acquisition and Devieopment Strategies learn from experts as they share their thoughts and insights into developing nets senior living communities. oished f.".cst ficpufa. Ccikta:l5 �iync,r Emit(,• ht J/serrarhousirowws.coml20'17/03MreWl-developer-oppidan-pursues-400-miliiorrsenior-hmWrig-pipetinW 213 4111=17 Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline- Senior Housing News ♦ _ _. CIM_k ti+Sw2 UVf o ; Q AWARD-WINNING mains#nee# - - PORTFOLIO HOME NEWS ADVERTISE RESEARCH JOBS COMPANIES Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline March 29, 2017 by Tim M ulian(y is This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring Investment Forum is brought to you by PilfainstreE)t. As the nation's largest developer of transitional care properties, Mainstreet specializes in real estate development, value investments and health care. With Mainstreet's support, SHN is bringing event coverage of the NIC conference, which draws developers, providers and operators within the post- acute and preventative health care services space. After entering the senior housing space about three years ago, Oppidan Investment Company is going big, with a $400 million development pipeline in the works and partnerships with well-established operators. Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it now has completed more than 400 projects valued at more than $2.7 billion. The company seized an opportunity that came its way in 2014 to develop a senior housing community in the community of Woodbury, close to Oppidan's headquarters in the Twin Cities suburb of Excelsior, Minnesota. That project --dubbed Red Rock Senior Living --moved quickly, going from groundbreaking in 2014 to being open and fully leased up in 2016, Oppidan Vice President of Development Shannon Rusk told Senior Housing News last week at the National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum in San Diego. Though not intending to sell the property, Oppidan again took advantage of an opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust (REIT) Welltower Inc. (NYSE: HCN) bought the property for an undisclosed price, Oppidan announced earlier this month. The 77 -unit building includes 39 high-end independent living and assisted living apartments, 32 for memory care, and six suites. It is operated by Ebenezer Management Services, the senior housing arm of Minneapolis- based Fairview Health Services. However, the sate of Red Rock did not mark the end of Oppidan's involvement in the senior housing space. Currently, the company has an estimated 1,100 units either open or under construction. There are four active projects in Minnesota and one in Napa, California. The total development pipeline represents a $400 million investment, Rusk estimated. This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled to open its doors. The other Minnesota developments are located in the city of Mankato, the Twin Cities suburb of Shorewood, and near the University of Minnesota in the Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to be the largest, at nearly 300 units, with university partnerships in the works for programming. Ebenezer is the operating partner for all of these projects. Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing coastal markets, according to Rusk. And it already is in the process of obtaining permits SPONSORED BY mains#reef Click: to see, our award-winning portfolio httpJ/swiorhomirgw".cam/20171 retail-developer-appidan-Mrsues-400-milbor}sedor-homing-Ppel€ W 113 4111/2017 Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline- Senior Housing News for a community in Napa, California, to be operated by Tucson, Arizona -based Watermark Retirement Communities. The Oppidan Model With concerns about senior housing oversupply circulating, Oppidan is highly disciplined and empirical in its market selection, Rusk emphasized. "We spend an inordinate amount of time on the pro forma," she said. "We've selected locations and sites with supply and demand that's going to make sense, and we've passed on many. We listen. We've got a few third -party market study companies we work with ... and we look to our operator to make sure we're not suggesting rents that just make a pro forma look good: Oppidan's first foray into senior housing, with the Woodbury project, initially involved an operator relationship that did not work out. The relationship with Ebenezer began through a request for proposals that Oppidan issued, Rusk said. Similarly, the Watermark relationship began through an RFP. "I'm not sure if we just got lucky. Half of this is luck," Rusk said of connecting with these operators. "They're great. I think we've got the best of the best, and that's probably more important than having a good location." Oppidan developments are amenity -forward, with the goal of creating an active lifestyle vibe rather than a clinical one, although the health care piece is present in the background. Independent living and assisted living units are fully interchangeable, with the only difference being that the level of services provided is higher in AL. One benefit of this arrangement is that residents do not feel like they have to re -locate to a different class of unit as their needs increase, Rusk said. It also allows the property to respond nimbly to market demands. "We plan per pro forma that there will be this many independent living and this many assisted living units, but if you have 50 IL units and 50 AL and on day one you get 100 IL [customers], we can move them all in," Rusk said. So far, Oppidan itself has provided all the equity and financing for its senior housing developments, but it is open to other partners as lead volume in this space grows. And the company expects to keep expanding its senior housing portfolio, given the favorable demographics_ "There hasn't been day -one for the baby boomers moving into senior housing yet, so it's going to be here for a long time, but you've got to be smart," Rusk said. Written by Tim Mullaney 19 You Should Also Reed: ;teal .state Campan;t i. conches Svr.�.r Sensor t.ivir, j Arm In the Pfpellie: Se:nair flous:ng C_,nnstruction Protect: (1:1 '16) !update; HCI: Inks SZ.3 Billion Dual t::tti H eanht_ease. l,la:nstreet Categories: Ass;sAe l twin a, F•:nar a and Development, Int opende it : ivi:ng, Memory Care, Trending Companies: E'beneze. Management Seirvir ni, NIC, NICLIVE, Oppidan Inve-,tment Company, lorn-.ark Retirement Communiur:s, Vleilto•:aer RECENT COMMENTS Senior Uvrirri LEDs too dig an Vat,:. Not on Discounts Eck Mlc nr-ay ;u nF-Start, f,�an.j;a 2i'•' P 3rcak F.:!e to ruit QCP Grants Forbearaccv tc ": anurCare, i' n ct Major Restructuring These Am ?'^.e t east-'7y-agec L;ornars in >arrcr I irmig Iarnuit Tzkes ktrn at EBrookd,n!e Sta`fn:, Practices Iles, Posl•Acute Care Dm:gr.2Q1, 6: Rehei: i leets gauntry Club Best Student De„gr. 201 b. A Futuristic 30 Rea!i•stir Sector i -wing Commua:ty Best of IndeYendent i wing Design 201b: Crealmg an Urban "Wijr+ t actor Announcing the Senior Huusnnrj Nabs At6i4!: tun: & Design Pvards ,V:rrers 2016 Land Acquisition and Devieopment Strategies Learn from experts as they share their thoughts and insights into developing nett/ senior living communities. ME wT Dished ”".r.:,t Fr:�ularCockis ;s :n Sentsr L zoic; ttWilseNorhousingnews.coml20171031291retail-developer-oppidan-pursues-4Mmiiliorrsenior-housing-pipeline! 213 4/1112017 Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline - Senior Housing News �+ click to see our ��OA@LARD-WINIIltIG mamstreetn = - PORTFOLIO HOME NEWS ADVERTISE RESEARCH JOBS COMPANIES Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline March 29, 2017 by Tim Mullaney t9 This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring Investment Forum is brought to you by Mainstreet. As the nation's largest developer of transitional care properties, Mainstreet specializes in real estate development, value investments and health care. With Mainstreet`s support, SHN is bringing event coverage of the NIC conference, which draws developers, providers and operators within the post- acute and preventative health care services space. After entering the senior housing space about three years ago, Oppidan Investment Company is going big, with a $400 million development pipeline in the works and partnerships with well-established operators. Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it now has completed more than 400 projects valued at more than $2.7 billion. The company seized an opportunity that came its way in 2014 to develop a senior housing community in the community of Woodbury, close to Oppidan's headquarters in the Twin Cities suburb of Excelsior, Minnesota. That project --dubbed Red Rock Senior Living—moved quickly, going from groundbreaking in 2014 to being open and fully leased up In 2016, Oppidan Vice President of Development Shannon Rusk told Senior Housing News last week at the National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum in San Diego. Though not intending to sell the property, Oppidan again took advantage of an opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust (REIT) Welltower Inc. (NYSE: HCN) bought the property for an undisclosed price, Oppidan announced earlier this month. The 77 -unit building includes 39 high-end independent living and assisted living apartments, 32 for memory care, and six suites, It Is operated by Ebenezer Management Services, the senior housing arm of Minneapolis- based Fairview Health Services. However, the sale of Red Rock did not mark the end of Oppidan's involvement in the senior housing space. Currently, the company has an estimated 1,100 units either open or under construction. There are four active projects in Minnesota and one in Napa, California. The total development pipeline represents a $400 million investment, Rusk estimated. This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled to open its doors. The other Minnesota developments are located in the city of Mankato, the Twin Cities suburb of Shorewood, and near the University of Minnesota in the Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to be the largest, at nearly 300 units, with university partnerships in the works for programming. Ebenezer is the operating partner for all of these projects. Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing coastal markets, according to Rusk. And it already is in the process of obtaining permits SPONSORED BY .W� mainstreef i dr_k: to see our award-hair!ninq portfolio http:Nsertiorhomironews.eom/2017AWMroWl-develaper-epodan-pursues-400-million-sedan-housing-pipeline! 113 411112017 Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline- Senior Housing News for a community in Napa, California, to be operated by Tucson, Arizona -based Watermark Retirement Communities. The Oppidan Model With concerns about senior housing oversupply circulating, Oppidan is highly disciplined and empirical in its market selection, Rusk emphasized. "We spend an inordinate amount of time on the pro forma," she said. "We've selected locations and sites with supply and demand that's going to make sense, and we've passed on many. We listen. We've got a few third -party market study companies we work with ... and we look to our operator to make sure we're not suggesting rents that just make a pro forma look good: Oppidan's first foray into senior housing, with the Woodbury project, initially involved an operator relationship that did not work out. The relationship with Ebenezer began through a request for proposals that Oppidan issued, Rusk said. Similarly, the Watermark relationship began through an RFP. "I'm not sure if we just got lucky. Half of this is luck," Rusk said of connecting with these operators. "They're great. I think we've got the best of the best, and that's probably more important than having a good location." Oppidan developments are amenity forward, with the goal of creating an active lifestyle vibe rather than a clinical one, although the health care piece is present in the background. Independent living and assisted living units are fully interchangeable, with the only difference being that the level of services provided is higher in AL. One benefit of this arrangement is that residents do not feel like they have to re -locate to a different class of unit as their needs increase, Rusk said. It also allows the property to respond nimbly to market demands. "We plan per pro forma that there will be this many independent living and this many assisted living units, but if you have 50 IL units and 50 AL and on day one you get 100 IL. [customers], we can move them all in," Rusk said. So far, Oppidan itself has provided all the equity and financing for its senior housing developments, but it is open to other partners as lead volume in this space grows. And the company expects to keep expanding its senior housing portfolio, given the favorable demographics_ "There hasn't been day -one for the baby boomers moving into senior housing yet, so it's going to be here for a long time, but you've got to be smart," Rusk said. Written by Tim Mullaney 19 Your Shordd Also Road, :�en1 r::tate Compan•r L aunr�r�s f�err 5rniur Lroirg Arm U En t"e Pipeline: Serio. Hcusiny : onstruction Projects (1:14.161 Tijpdatej HCN Inks S2.3 B lccn Deal v::th HellthLe ise. Ala :mstreet Categories: less;stwl Lmnq, F :narr.e and De:eiopment, Independent t mrig, Rlenwry Care, Trenc!ing Companies: Fbwie e: AY:n,igerrent 5c:rtiirc<s, NIC, NICLIVE:, Oppidan lnvo,,tment Company, ..'ateim'.a rk Retirement Communit;es, VVeilto;ver RECENT COMMENTS Senior UvMU CLOG Go 31g un idtk:. Not an Dcscounta - a lir„iday Jr: p -Star:. C?.ange at 1'::P. Src o,)O,:le Lal'.' L t rjU Grants Forbearance tri 12nu.Care, H:. -its .0alor Restructun^g These Are T ^.e i east-F.1^gaged In SPfYc. I timL Larisurt rekrs Acro at Brnvkdaip Sta`.fn.; Pra^tc^es Best F'ast•AcLne rare Dps:gr.:..,16: Rehaa Meets Country Club Best student Des,gn 201 b. A Futuristic 20 Reali ;tic Senor Living I,'onin3un:ty Bpst of Independent 1 iving Design 2016: Creating an Lilian Voir Factor Announcing ttce Senior Huusnig Nc ity Arr:hiZuAare & Design P.vards ' :risers 2DI6 Land Acquisition and Devieopment Strategies Learn from experts as they share their thoughts and insights into developing new senior living communities. �.I Dished F.",r: s Fupular Cuckta k; :,> .,encu ;r.inq httpl/servorhousirKj news.com2017lO3l29/retail- developer-oppidan-pursues-400-milliorrsenior-housing-pipeline! 213 4-11-2017 Ruffridge-Johnson Equipment Company Inc. 3024 4th Street SE. Mpls, MN 55414 Attn: Jon Pederson Jon, I have assembled below the costs that will bring you up to date as of April 1St, for the work completed on preparation of constructing your new building on the Centerville property. These costs include permit fees, Architectural and Engineering costs and Contractor fees, most of which will be able to be used when the project is continued. Depending on timeline you may be required to resubmitted for the City's CUP approval and RCWD approvals. Breakdown of costs for 2016 & 2017 City of Centerville Cup permit fees. $ 750.00 Rice Creek Watershed Application fees $ 3,750.00 Soil Engineering & testing $ 8,008.28 This does not include fees for Arnt Excavation on test holes. Civil Engineering $ 1,945.63 Architectural $ 50,050.00 Fabcon Precast panels shop drawings $ 17,600.00 Dailey Companies administration fees $ 10,601.78 Total cost $ 92,705.69 Costs previously paid 2015 Architectural Civil Engineering Surveying Dailey Companies Total costs $ 9,000.00 $ 5,775.00 $ 1,966.00 $ 1,591.38 $ 18,332.38 Total accumulated cost to date $111,038.07 Please contact me with any question you may have. It has been great working with you and hopefully when this gets back on track and we can continue the process of building your new facility. Thank you, Jay Thorson Dailey Companies Dailey Homes • Dailey Construction & Development • Dailey Realty