City seeks senior-housing developerThe city of Woodbury wants a developer to buy a 2.2-acre site in the City Walk development and build affordable housing for the elderly.
By: Scott Wente, Woodbury Bulletin
Wanted: Developer to build affordable housing for seniors.
Contact: City of Woodbury.
The city is seeking senior-living construction proposals for a 2.2-acre parcel in the City Walk development. City Walk’s overall development plan calls for a 45-unit, environmentally friendly, or “green,” project.
Karl Batalden, city housing specialist, said while the economy could make this a tough time to sell land for residential development, demographic trends show more senior housing will be needed as baby boomers reach retirement age.
Even in an economic downturn, he added, senior housing projects may be attractive to developers because of federal housing funds that could offset building costs.
See the Aug. 5 print edition of the Woodbury Bulletin for the full story, including an industry expert's take on development of senior housing.