News

Work set to begin on retirement community

By JAVIER SERNA, Staff Writer

RALEIGH — In the next few weeks, heavy machinery should begin moving in earnest at the site of the old Wayward Farm on Strickland Road.

Developers of The Cypress of Raleigh, a continuing care facility, say the project is a go — the permits have been issued, the land is prepped and extension of Harvest Oaks Drive is almost finished.

There’s been a lot of change in the area. Forum Drive now extends from Lead Mine Road to Six Forks Road, thanks to the developers of the American Institute of Healthcare and Fitness, a medical complex with a grand opening on Saturday.

When completed, The Cypress will consist of a 42,000 square-foot clubhouse; an onsite health-care facility; five larger buildings, with multiple units; and 38 cottage-style homes, for a total of 316 units. A rezoning case being considered by the city may add more.

Just as the American Institute of Healthcare and Fitness completed Forum Drive, the developers of The Cypress have built Harvest Oaks Drive south to Forum, which will be used as a staging area for construction crews until the project opens, scheduled for fall 2008.

So far, the group has sold 125 units, which are priced from $375,000 to about $750,000.

“We have the fastest-growing senior market in the state,” said partner Mark Andrews.

That’s why the developers hope to squeeze a few more units out of the buildings. The rezoning case will allow the developers to subdivide some of the larger units, which are about 3,000 square-feet, into 1,500 square-foot units, which have been more popular in the first round of sales.

“We expected a positive response and we’ve had a positive response,” said Michael Sandman, a partner.

Unlike the typical retirement community, where residents are more like tenants than owners, Sandman billed The Cypress as one of the only equity-ownership models in the state.

Sandman, Andrews and Craig Huggins have partnered with The Cypress Company, which developed similar communities in Charlotte and Hilton Head, S.C.

“It’s built and sold like a traditional condo,” said Sandman. “It becomes a bidding war for those homes.”

And even though the project is almost two years away from opening, the developers have already tried to forge a community among those who have already purchased units, most recently a function at the Monet exhibit at the North Carolina Museum of Art.

“We’re trying to make this a community before it’s built,” said Andrews.

The gated community will have white-tablecloth dining, two miles of walking trails, drivers, concierges.

“It’s unlike anything that’s out there,” said Andrews. “This is a hospitality-style senior community. It crushes the stigma of ‘retirement community.’ ”

Staff writer Javier Serna
can be reached at 836-4953
or jserna@newsobserver.com.

Reprinted with permission of The News & Observer of Raleigh, North Carolina. Reprints do not imply endorsement.