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Plans progressing for assisted living facility

Authority hears update on Windermere project

POSTED: June 2, 2013 12:28 a.m.
 

Construction of a large-scale assisted living facility in south Forsyth could begin later this summer.  

Members of the Forsyth County Development Authority got an update on the Towne Club Windermere project during a meeting Wednesday afternoon.

Emory Lipscomb, an attorney who represents the authority, said everything is in place for the selling of bonds to help fund the project.

“The bond underwriters anticipate a bond closing on this by the end of July or the first of August,” said Lipscomb, who also noted the land for the project had been purchased earlier this month.  

The development authority and the Forsyth County commission signed off on the sale of bonds for the project last year.

In March 2012, the authority gave initial approval for the plan, which will allow Improved Living-Towne Club Windermere Assisted Living to access the capital markets to fund construction of the 142-unit senior housing community.

The project is slated for a 14.5-acre site at Trammel Road and Windermere Parkway. Plans call for 90 independent living units, 34 assisted living units and 18 memory care units.

When finished, the facility is expected to create about 150 full-time jobs. Within the first three years of opening, it will have a projected impact of about $300,000 on the county tax rolls

Lipscomb said the project likely would be finished by summer 2014.

“It’s a very substantial project, so I’d guess construction will take about a year,” he said.

 

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