Carolina Newswire
11/09/2006
Steven D. Bell & Company Holds Groundbreaking For Senior Living Facility In Wilson, NC
WILSON, NC - Steven D. Bell & Company recently held a groundbreaking for Primrose Place, a major senior living facility in Wilson, NC. When construction is complete in about 14 months, Primrose Place will offer 60 large apartments for independent seniors.
The formal groundbreaking, conducted by Steven D. Bell & Company of Greensboro, took place Monday at 10:00 a.m. A Bell sponsored group of investors will own the community and Bell Senior Living, a division of Steven D. Bell & Company, will manage the property.
Steven D. Bell & Company Chairman and CEO Steven Bell made remarks and turned the first shovel of dirt. N.C. Representative Jean Farmer-Butterfield, who has been active in legislative issues dealing with seniors throughout the state, was also on hand for the groundbreaking.
Located near Wilson Mall, Primrose Place will offer nine different floor plans ranging from 717 square feet to 1,240 square feet. Each apartment home will include walk-in closets, full kitchens, washer/dryer hook-ups and a 24-hour emergency call system.
The new independent living complex will also provide amenities and services including an Internet lounge, business center, library, activity room, bar/lounge and a barber/beauty salon. Residents will be able to enjoy a private dinning room, landscaped courtyard, walking areas and gardening.
The 3-acre site allows easy access to excellent shopping, theaters and restaurants, including a K&W cafeteria across the street in Wilson Mall. Numerous physicians' and other medical offices are nearby, including Wilson's hospital.
According to Michael Bateman, president of Bell's Senior Living Division, the 86,000-square-foot community will likely be open by January of 2008. The overall cost of construction for the entire project is estimated at more than $9 million.
Primrose Place will be adjacent to Parkwood Village, a 70-bed assisted living and Alzheimer's community also owned by a Bell sponsored investor group and operated by Bell Senior Living.
The two communities will be located on the same campus, creating a unique continuum of care for the Wilson area. Parkwood Village recently introduced a state-of-the-art Alzheimer's program called Seasons. It is a specially-designed, home-like setting for dealing with individuals with dementia and other memory impairment disorders.
Steven D. Bell & Company sponsored investor groups also own 15 other senior communities in five states, including six communities in North Carolina. An independent living community in New Bern, McCarthy Court, was sold out immediately when it opened in 2004.
Steven D. Bell & Company oversees real estate investments throughout the Southeast and Texas and manages a portfolio valued at approximately $2.6 billion. Bell is overseeing operations of 31,000 multifamily units, 27 retail properties with more than 4,600,000 square feet and 15 senior living communities containing nearly 1,200 units.
