Maplewood, with capital partner Omega Healthcare, plans to raze five existing buildings at 1802 Second Ave., 1804-1806 Second Ave., 1808 Second Ave., 1810 Second Ave. and 303-305 E. 93rd St. to build a high rise of about 20 stories, 201,000 to 210,000 square feet and 214 units of housing offering independent living, assisted living and memory care. The new building, designed by Handel Architects, is expected to open in 2018.
The properties were acquired in a $112 million all-cash transaction. The total project cost, including land, is expected to be $246 million.
Merchants Hospitality had assembled the site from five unrelated property owners over two years.
Maplewood, based in Westport, CT, operates 11 facilities in Connecticut, Massachusetts and Ohio.