Silverstone Healthcare Company, a Dallas-based owner/developer of high quality senior living communities, held a groundbreaking ceremony today to announce the beginning of construction on HarborChase of the Park Cities. This new 134-unit, Class A, assisted living and memory care community is located at 5917 Sherry Lane at Lomo Alto, on the east side of the Dallas North Tollway just south of Northwest Highway. The property will have valet services as well as underground parking in a two-story parking garage.
The spacious individual residences – 105 assisted living and 29 memory care – will be offered in a variety of floor plans. Each HarborChase of the Park Cities resident will have a Personalized Life Enrichment Program providing more than 20 activities to invigorate their daily lives. Residents will also have convenient and reliable transportation to local venues and appointments.
Reservations for residences will be taken in the fall of 2016 with completion of the community projected in the fall of 2017. HarborChase of the Park Cities is Silverstone’s sixth senior living community in the U.S. and the third in the DFW Metroplex.
HarborChase of the Park Cities will feature a grand lobby with a double-sided fireplace and piano, salon, spa, state-of-the-art wellness center, billiards and shuffleboard room, art room, community meeting room and garden room. The community will also offer five dining venues: a grand dining room with an exhibition kitchen, private dining room, casual dining room, private wine room and a bistro/coffee bar. Additionally, a cocktail lounge will provide a place for entertaining or relaxation with fellow residents or visitors. Fireplaces in the dining area, memory care floor and the public terrace will also enhance this elegant community.
Silverstone’s Chairman and CEO Denny Alberts said, “We are delighted to be developing in such a prestigious neighborhood. We believe HarborChase of the Park Cities will be the highest quality senior living community in the marketplace and will make a difference in the lives of our residents. HarborChase of the Park Cities will be the flagship property of Silverstone and the ‘gold standard’ in the industry.”
The building will be eight stories tall, with the top two levels designated as penthouse suites. The elegant exterior has a stylish façade of red brick with off-white cast stone trim. A unique feature of this building is more than 14,000 square feet of public and private terraces.
HarborChase of the Park Cities will be operated by Harbor Retirement Associates which has extensive experience and an exceptional reputation for providing superior quality, assisted living and memory care services to seniors. Silverstone’s equity partner in HarborChase of the Park Cities is L&B Realty Advisors.
Harbor Retirement Associates’ President and CEO Tim Smick, said, “Our distinctive approach to senior care is the outcome of a highly experienced team of professionals with a true commitment to delivering quality senior care. We will provide the residents of HarborChase of the Park Cities with not only a safe and secure home, but also a wonderful place where they can truly enjoy life. We believe that an engaged, enriching lifestyle is the key to a healthy body and happy mindset. We recognize the unique needs of each resident and at all times keep their social, emotional and physical well-being foremost in our minds.”
HarborChase of the Park Cities’ construction financing will be provided by Texas Capital Bank and Guaranty Bank & Trust. Beck Group will serve as the contractor while BOKA Powell will serve as architect. Thoma-Holec Design will be the interior designer. Brokerage services were provided by Lincoln Harris.
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Silverstone Healthcare Company was founded by accomplished real estate professionals with a mission to create a portfolio of the highest quality of assisted living and memory care facilities in America. As of March 2016, Silverstone has six upscale senior living communities in development – three in Texas, two in Florida and one in Virginia. All will be managed by its operating partner Harbor Retirement Associates which offers the ‘gold standard’ in assisted living and memory care services for seniors. Silverstone is funded with significant equity from principals, coupled with substantial commitments from institutional financial partners.