A joint venture between Atria Senior Living and real estate firm Related Companies, with developer Spitzer Enterprises and real estate investment trust Welltower, on Thursday closed on a partnership that will bring another high-rise senior living property to New York City.
The building in the Hudson Yards development will be the second location for the Related/Atria joint venture’s new series of upscale urban senior living communities and its first on the East Coast. Welltower is the capital partner for both the Hudson Yards project and a previously announced project in San Francisco.
Development began late last year, with completion expected in 2022. Atria will manage the community upon completion.
The $3 billion joint venture between Atria and Related was formed in 2018 to develop, own and operate communities catering to older adults living in major metropolitan areas. At the time, Atria CEO John Moore told McKnight’s Senior Living that two to three senior living communities initially would be developed and operated over a five-year period through the arrangement.
The Hudson Yards project will be Welltower’s third purpose-built senior living community in Manhattan. The other two are through a joint venture partnership with international real estate firm Hines and a passive institutional investor.