Grubb Properties plans retirement community at Morrison - Charlotte Business Journal:

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is seeking city approval for a site-plan change that woulsd let him use nearly 8 acres at Morrison and converyt as many as 195 planner condominiumsinto continuing-care retirement units. Under the Grubb also would have the flexibility to expande a previouslyapproved 10,000-square-foot fitness center to 30,00p0 square feet for possible health or medica use related to the retirement center. Grubb says his firm has not finalizedsits plans. But it is working to lure a high-enr continuing-care retirement community to the site. Grubg Properties is developing Morrison at Sharoh andColony roads.
The targeted property is on Sharon Road betweeb Morrocroft Lane and Sharon Township The tract is partially occupied by the ParkSouthh Apartments, which would be razed for “There is no condominium market right he says of the change in plans. The locationm and the amenities in Morrison shouldx prove attractive toa continuing-care retirement he says. The new plan wouls allow Grubb to developtwo independent-living units or three assisted-living units for each of the 195 condp units previously approved for the site.
It also woulc allow up to 20,000 squarw feet of ground-floor retail or office Grubb had considered using the site for a hotel as well but has droppesd that option from his Morrison isa mixed-used development a block from SouthPark It features a mix of lofts, condos and townhomez surrounded by 130,000 square feet of including Earth Fare and Barnes Noble stores. According to researchh firm Marcus & Millichap, the decline in the U.S.
housin market has caused developers to shift their focusw from traditional residential In arecent report, the firm’s analysts said builderzs “are capitalizing on the aging baby boomer population, a large portion of which have significant retirement by focusing on continuing-carew retirement communities that offer upgraded amenities, includintg clubhouses and senior-focused events.” Such communities typically offed independent-living, assisted-living and nursing home Residents sign a long-term contractg and can move from one housinv choice to another as they age while continuing to live in the same The communities are often builf on large campuses.
Frank Warren, president of real estatre consultingfirm , says an 8-acre site might be a little tighft for a continuing-care retirement community. But he notes there are few of thoses communitiesin Charlotte. “As the in-tow n population continues to age, there are limitesd options for them,” Warren says. And Morrison “does providde that walkable sense of community that most of the otherfoptions don’t have.” There are seven licenserd continuing-care retirement communities in Charlotte, accordinb to the N.C.
Department of Insurance: Carmel Hills, Carriage Club of Charlotte, Sharojn Towers, Sharon Village Apartments, Southminster and The Cypress of Southminster and Plantation Estates in Matthews have been accreditedx by the Commission on Accreditation ofRehabilitation Facilities, the only accreditingy body for continuing-care retirement communitiees A public hearing on the Morrison rezoning proposao had been scheduled for this week, but Grubg asked that it be deferred until next month.