New community will offer innovative memory care
and assisted living services to New York City’s aging
population
Sunrise Senior Living has been named operator of Welltower’s
senior living community being developed in Midtown Manhattan. The
project, in collaboration with international real estate firm
Hines, is planned for the northeast corner of 56th Street and
Lexington Avenue. Slated for a late 2019 opening, the residential
community will promote wellness for its senior residents in need of
high-quality assisted living and memory care services.
“We believe Sunrise is an ideal partner for us to work with to
revolutionize the concept of senior living and meet the needs of
the underserved aging population on the island of Manhattan,” said
Thomas DeRosa, CEO, Welltower. “Leveraging Sunrise’s world-class
memory care programming and services, this new community will
distinctively benefit those with Alzheimer’s and other forms of
dementia, including residents in the early stages of memory loss.
Further, Sunrise’s approach to care will help ensure all residents
receive highly individualized service.”
Sunrise currently serves residents at approximately 30
communities throughout the New York City metro area and has 35
years of experience in the assisted living and memory care
industry. Welltower’s portfolio currently includes 72 seniors
housing communities in the New York tristate area including
properties in New York, New Jersey and Connecticut.
“Throughout the world, Sunrise is known for its premium product,
including our innovative programming and personalized approach to
care. We are perfectly positioned to provide our services in a
location like Midtown Manhattan, complemented by prime access to
healthcare facilities, retail, restaurants and cultural
institutions,” said Chris Winkle, Chief Executive Officer for
Sunrise. “This purpose-built residence will be the first of its
kind and will allow seniors to continue to call Manhattan home
while receiving the high-quality care they need.”
The Manhattan development will support the underserved senior
demographic. By the year 2030, the city’s 60+ population will make
up one in every five New Yorkers.1 There are few senior living
communities on Manhattan, which has fewer than 75 beds that are
fully licensed by the New York State Department of Health to
provide assisted living and memory care services.
The 15-story building, with 125,000 square feet of living space,
is inspired by the classic style of Park Avenue apartments. The
physical space will promote a local feel with large windows that
take in city views, smaller neighborhood touches throughout
different areas and floors, and outdoor living spaces that provide
a comfortable transition for current city-residents. To promote
local community engagement, Sunrise will help residents take
advantage of city living by offering its evidence-based programming
that encourages seniors to engage, express, learn and grow. The
community will be integrated into the greater neighborhood by
building local partnerships, opening its doors to volunteers and
creating intergenerational relationships with nearby schools.
Sunrise continues to collaborate with Welltower and Hines on
design plans so that the new property is built and beautifully
appointed with seniors’ unique needs in mind, including the
incorporation of sensory elements for those with memory loss,
carefully choosing colors that are best for aging eyesight and
creating comfortable, safe spaces for all residents to enjoy.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs
approximately 31,000 people. As of August 1, 2016, Sunrise operated
310 communities in the United States, Canada and the United
Kingdom, including 16 Gracewell Healthcare communities, with a
total unit capacity of approximately 27,600. Sunrise offers a full
range of personalized senior living services, including independent
living, assisted living, care for individuals with Alzheimer's and
other forms of memory loss, as well as nursing and rehabilitative
services. Sunrise's senior living services are delivered by team
members who are trained to encourage independence, preserve
dignity, enable freedom of choice and protect the privacy of
residents. For ongoing information about Sunrise communities and
senior-related topics, read The Sunrise Blog and follow us on
Facebook. To learn more about Sunrise, please visit
SunriseSeniorLiving.com.
About Welltower
Welltower Inc. (NYSE:HCN), an S&P 500 company
headquartered in Toledo, Ohio, is driving the transformation
of health care infrastructure. The company invests with leading
seniors housing operators, post-acute providers and health systems
to fund the real estate infrastructure needed to scale innovative
care delivery models and improve people's wellness and overall
health care experience. Welltower™, a real estate investment trust
("REIT"), owns more than 1,400 properties in major, high-growth
markets in the United States, Canada and the United
Kingdom, consisting of seniors housing and post-acute communities
and outpatient medical properties. More information is available
at www.welltower.com.
Forward-Looking Statements and Risk Factors
This press release contains “forward-looking statements” as that
term is defined in the Private Securities Litigation Reform Act of
1995. When Welltower uses words such as “may,” “will,” “intend,”
“should,” “believe,” “expect,” “anticipate,” “project,” “estimate”
or similar expressions that do not relate solely to historical
matters, it is making forward-looking statements. In particular,
these forward-looking statements include, but are not limited to,
those relating to Welltower’s ability to complete the Manhattan
development on currently anticipated terms, or within currently
anticipated timeframes; the expected performance of Welltower’s
operators/tenants and properties; Welltower’s expected occupancy
rates; and Welltower’s ability to access capital markets or other
sources of funds. Forward-looking statements are not guarantees of
future performance and involve risks and uncertainties that may
cause Welltower’s actual results to differ materially from its
expectations discussed in the forward-looking statements. This may
be a result of various factors, including, but not limited to: the
receipt of regulatory approvals and third-party consents in
connection with the Manhattan development; the respective parties’
performance of their obligations under the Manhattan development
agreements; the receipt of applicable healthcare licenses and
governmental approvals; unanticipated difficulties and/or
expenditures relating to the Manhattan development; the status of
the economy; the status of capital markets, including availability
and cost of capital; changes in financing terms; competition within
the health care and seniors housing industries; negative
developments in the operating results or financial condition of
operators/tenants, including, but not limited to, their ability to
pay rent and repay loans; operator/tenant or joint venture partner
bankruptcies or insolvencies; the cooperation of joint venture
partners; and other risks described in Welltower’s Annual Report on
Form 10-K and in its other reports filed from time to time with
the Securities and Exchange Commission. Finally, Welltower
undertakes no obligation to update or revise publicly any
forward-looking statements, whether because of new information,
future events or otherwise, or to update the reasons why actual
results could differ from those projected in any forward-looking
statements.
1 New York City Department for the Aging
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version on businesswire.com: http://www.businesswire.com/news/home/20160809006360/en/
Sunrise Senior LivingJennifer Clark,
703-854-0329orWelltowerBarbara Montresor, 419-214-5798
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