June 7, 2010
Formation Development Group is providing construction management and owner's representation services on a new skilled nursing facility in the Chicago area. Construction period services are part of the overall development consulting services provided by FDG, Please visit the "Services" page of this site for more information on how FDG can help with your senior living project.
May 1, 2010
Formation Shelbourne Partners has hired Three Architecture of Dallas to design its new senior living community in Germantown, Tennessee. This project is a follow-up to The Solana at Cinco Ranch, also designed by Three Architecture. The Germantown project will build on the many successful design elements and features of The Solana, while adding a memory care component.
March 10, 2010
Formation Shelbourne Partners has hired the Dallas-based senior living studio of Perkins + Will architects to design multiple assisted living projects. Perkins + Will is initially designing projects in New Jersey, Maryland, Missouri and Texas. Formation Development Group has worked with Paul Donaldson of Perkins + Will on past projects and is excited to renew the relationship.
December 28, 2009
The Solana at Cinco Ranch was featured in an article in National Real Estate Investor.
Please click here to see the article http://nreionline.com/seniorshousing/occupancy_uptick_1223/index.html
September 15, 2009
Formation Shelbourne Partners, our new venture, was the subject of a feature story in the September 2009 issue of "Senior Living Business."
July 20, 2009:
Formation Capital of Alpharetta, Georgia and Shelbourne Capital of Radnor, Pennsylvania have formed a new venture to develop and own senior living communities. The venture, Formation Shelbourne Partners, combines the investment capital of its founders and takes advantage of the development capabilities of their respective subsidiaries, Formation Development Group, LLC and Shelbourne Healthcare Development Group LLC.
Formation Shelbourne Partners was formed to capitalize on opportunities in the senior living market brought about by the dramatic slowdown in new projects. The company is developing projects for its own account and also offers consulting and fee development services to investors, lenders, operators and developers who want to enter the senior living industry or who desire to reposition existing assets. Services include market research, site selection, financial feasibility, zoning, entitlements, design, project finance, construction management, start-up operations, and asset management.
The venture brings together significant investing, development and consulting experience in senior living and other areas of real estate and healthcare. The principals of Formation Shelbourne Partners have been involved in the development, operations and ownership of over 180 senior living communities and healthcare facilities with an aggregate value of over 2.7 billion dollars. Projects include new development and renovations of Assisted Living, Independent Living, Alzheimer's Care communities, retirement campuses, hospitals and medical offices.
Formation Development Group, LLC is the development arm of Formation Capital. It was founded by former executives of EdenCare Senior Living Services of Alpharetta, Georgia. Mark Spiegel, Mark Maberry, and Jay Robinson lead the Formation Development team. Shelbourne Healthcare Development Group LLC is the development subsidiary of Shelbourne Capital. It is comprised of Joe McElwee and Jim May, both of whom are senior living professionals from Sunrise Senior Living; as well as former Pitcairn Properties executive, Joe Fox; Jim Kane, formerly of Lehman Bros and Credit Suisse; and Jason Ladavac, previously of JER Partners.
Joe McElwee, principal of Formation Shelbourne Partners and former Senior Vice President of Development for Sunrise Senior Living, states: "We are excited to combine the experience and regional diversity of our two groups. Together, we offer significant senior living development and asset management expertise to our clients and investors in both the United States and Canada. Despite challenges in today’s economy, the senior living industry continues to offer exciting opportunities to investors, operators, and most importantly to the seniors who will call our communities their home."
Formation Capital invests equity in the senior housing and healthcare industry. Over the past 6 years, Formation Capital has coordinated the investments in over $4 billion of transactions. As a focused and experienced underwriter and asset manager for senior housing and healthcare investing, Formation Capital has successfully developed a strategy of "alignment of interests" with both capital and operational partners in a unique and dynamic approach to investing.
Shelbourne Capital is a real estate and private equity investment firm focusing on opportunistic high-yield investments in the commercial real estate and middle-market private equity sectors nationwide. Shelbourne Capital leverages their relationships, knowledge, and experience across a broad spectrum of potential investments. They have over 50 years of cumulative experience in real estate, and public/private capital markets. Through its extensive partner network, Shelbourne is able to source, structure, and finance transactions with the goal of achieving superior, risk-adjusted returns for its investors.
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5/5/08 - Formation Development Group Breaks Ground in Houston, Texas. 158 Unit Development to Bring Luxury Senior Living to Cinco Ranch in Katy, Texas.
Houston, TX - Formation Development Group announces the ground breaking of The Solana at Cinco Ranch. When complete in the third quarter of 2009. the project will feature concierge services, mutiple dining venues, a wine bar, and a terrace club activity room, among other amenities. The development of The Solana at Cinco Ranch marks the first time that independent living for seniors, along with assisted living, is being provided in the fast-growing master planned community in West Houston. Formation Development Group says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents.
Independent living accommodations will include one bedroom, one bedroom plus den and an extra half bath, and two bedroom two bath apartments. All independent living accommodations will include walk-in closets, high-end finishes, and full kitchens with granite countertops. Many will have studies or home offices, balconies or patios, and some will offer private courtyards, private garages or carports. Assisted living residents can choose from studio, one and two bedroom apartments with kitchenettes. Every apartment at The Solana at Cinco Ranch will be equipped with a wireless emergency call system, individual climate control, and television, phone, and data cabling. In all, the community encompasses 183,000 square feet; it will be a combination four-story and two-story structure. "As important as its attractive physical design is the spectrum of included amenities and services that each resident will receive," said Mark Spiegel, president of Formation Development Group, which has developed a variety of senior living communities nationwide. "We've designed The Solana at Cinco Ranch lifestyle to complement what Cinco Ranch is all about," Spiegel said. "We've paid close attention to incorporating special features that we know are important to today's seniors and their families." Cuisine will be chef-prepared and dining venues will range from The Signature, a high-end restaurant-style dining room, to a cafe and wine bar, patio dining, and a club room with billiards, large screen televisions and an outdoor terrace. A cyber center, high-speed internet, theater, woodworking shop, art studio, Wii video game center, and concierge services and security are among the community's many amenities. Spiegel says market research shows strong demand for the kind of luxury senior living that The Solana at Cinco Ranch will offer. "Many Cinco Ranch residents wish to remain here in retirement while continuing to enjoy the upscale, convenient way of life that's emblematic of Cinco Ranch as a whole," he said. "In addition, a number of people who live in Cinco Ranch are interested in having their parents relocate near them and they want to be sure their parents experience the Cinco Ranch lifestyle, too. We're very proud to fulfill these needs."
Monthly rents will start at $2,795 for independent living and $3,995 for assisted living. The community is scheduled to open in October, 2009. For more leasing information or other details, call (281) 395-9600 or visit www.thesolana.com. The Solana at Cinco Ranch will be managed by The Arbor Company, an Atlanta-based firm with more than two decades of experience in managing senior living residences. The general contractor is Spawglass Construction Corp of Houston. Architectural services are provided by three Architecture of Dallas, and the interior designer is StudioSIX5 of Austin, Texas. The Solana at Cinco Ranch is the first project in a new joint venture relationship between Formation Development Group of Alpharetta, Georgia and a US-based institutional investment firm. The equity firm, along with Formation Capital and the principals of Formation Development Group, have committed $56 million of equity to the program.
The Solana at Cinco Ranch will be located at 24001 Cinco Village Center Boulevard in Katy, Texas, next to LaCenterra, Cinco Ranch's Main Street-styled center of shops, boutiques, and restaurants. It will offer 126 independent living and 32 assisted living rental apartments.
Health, fitness, and activity programs are also a major focus. Wellness programming will be overseen by a Registered Nurse and the community will offer a fitness center, a wellness and therapy center, a spa with massage therapy, and landscaped courtyards featuring an easy-entry heated pool, a putting green, and a bocce court.
Luxury sedan and community bus transportation services will be available to residents, along with transportation by golf cart to shopping, dining and entertainment at LaCenterra.
