Harmony Senior Housing, a 501 (c)(3) nonprofit, has launched a $30 million plan to bring affordable senior housing to Reading, PA, in a “flagship” effort that may be expanded to additional areas and could serve as a model for other companies, according to the company’s founder.

The initial project by the Small Business Resource Center Online, doing business as Harmony Senior Housing, involves the repurposing of a 125,796-square-foot warehouse into 188 to 244 apartments. The timeline for the development, from pre-development assessments to post-construction stabilization, spans approximately 24 months.

“This is a flagship project for what we’re doing, and really I would like to either do this in multiple areas or eventually, if other people copy this, I think that would be great, too,” founder Peter B. Gustis told the McKnight’s Business Daily.

Gustis said the project is about building community as well as putting a roof over older adults’ heads. 

“I’ve been in real estate for 17 years. I’ve seen so many different things, but most people who have apartments, they seem like they just want to maximize their profitability,” he said. “And the idea that I had was, why can’t we turn this into a positive? Just try to make sure there are some amenities that are more of a luxury apartment, even though it’s affordable housing, and also create space for seniors to have events.”

The planned amenities include a community center, fitness facilities, cafeteria, salon and spa, rooftop decks and transportation services. Gustis said he envisions residents taking part in a wide range of activities, from wellness workshops to social mixers, art exhibitions and intergenerational events with local schools and colleges.

“What we would do is, we would create a senior housing association that is totally free. The seniors can participate and set up groups for things they want to do,” Gustis said.

The model is being created as an alternative to assisted living for older adults who want to remain independent, he said, and without breaking the bank. The estimated rent for a one-bedroom apartment is expected to be around $750 per month, he said.

“That seems to be affordable to seniors on fixed income, and that’s well below the average for the area,” Gustis said.

The Reading property is Harmony Senior Housing’s first undertaking, but Gustis doesn’t anticipate that it will be the last. It all comes down to funding for the nonprofit organization, which would provide “the opportunity to go to other areas where this is needed [and] could be beneficial,” he said.

Harmony Senior Housing was born out of the Small Business Resource Center Online, which was set up originally as an LLC. 

“Basically, I didn’t want to set up another LLC, so I set up a ‘doing business as’ Harmony Senior Housing,” Gustis said. “We are a registered nonprofit and … what I think will happen in the long run is, once Harmony Senior Housing picks up, we’re probably going to just make it a separate nonprofit.” 

Gustis said his vision stems from pandemic-era experience. He said that it became difficult during the pandemic to find apartments for older adults, whereas previously, it might have taken just a week or two.

“It’s really a shame when you see this, and I’m saying to myself, ‘This can’t be only in the Reading area.’ So we would definitely like to be in other areas, too, once we successfully finish this project,” he said.