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Please check out construction progress photos from The Solana at Cinco Ranch at the bottom of this page.
5/5/08 - Formation Development Group Forms Joint Venture to Develop and Own Senior Living Projects
Atlanta, GA Alpharetta-based Formation Development Group, its affiliate Formation Capital, and a US-based institutional investment firm have formed a joint venture that will focus on the development and ownership of senior living projects. The joint venture recently announced the ground breaking of its first project The Solana at Cinco Ranch, a 158-unit independent and assisted living project in metropolitan Houston, Texas. (Please see story below.)
Formation Capital, the principals of Formation Development Group, and the investment firm have initially committed $56 million of equity to the program. The venture will focus primarily on independent living developments in fundamentally strong, major markets in the Southeast, Mid-Atlantic, Northeast, and Texas as well as other large metropolitan markets on a selective basis.
"This program venture allows us to capitalize on opportunities in today's market," said Mark Spiegel, President of Formation Development Group. "We look forward to identifying additional sites in the affluent areas of major markets where we can develop what we call 'The New Signature of Senior Living' -- amenity-rich senior living communities with multiple dining venues, concierge services, attractive interiors and numerous floor plans in vibrant locations."
Formation Development was formed to combine the investment capabilities of Formation Capital with the development expertise of the former principals of Argos Realty Partners and EdenCare Senior Living Services to develop and own senior living communities. It was founded in 2007 by its principals Mark Spiegel, Mark Maberry, and Jay Robinson, who collectively have 40 years of senior living development experience. Prior to their founding of Formation Development, the principals directed a senior living development consulting firm, Argos Realty Partners, and previously led the management team of EdenCare Senior Living Services, a senior living development and operating company with 38 communities in seven states. In addition to its principal activities, Formation Development also has provided fee development services to major senior living clients such as Sunrise Senior Living and Emeritus Corp.
Formation Capital is one of the leading equity investment and asset management companies in the senior housing and healthcare industry. Over the past 5 years, Formation Capital has invested over $3 billion in senior housing transactions and has successfully developed a strategy of "alignment of interests" with both capital and operational partners in a unique and dynamic approach to investing.
Formation Development Group is seeking additional senior living development opportunities in major metropolitan areas of the Southeast, Mid-Atlantic, Northeast, and Texas as well as other large metropolitan markets on a selective basis. Interested landowners and developers with quality sites or joint venture opportunities in highly populated areas should visit our "Submit a Site" page.
For more information on this joint venture, please contact Mark Spiegel, president of Formation Development Group, at 770-777-9898 or mspiegel@formationdev.com.
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. Its developer, Formation Development Group, says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents.
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.
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.
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.
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. An onsite leasing office is scheduled to open by late this summer and the community is expected to open in September, 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. Project debt financing is being provided by Texas-based Guaranty Bank. 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 construction progress photos:
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