Rockwood Retirement pitches bonds
State housing commission to consider request to fund $115 million in work, debtApril 25th, 2013
Spokane United Methodist Homes, which operates Rockwood Retirement Communities, of Spokane, says it's seeking approval to issue $115 million in tax-exempt revenue bonds to finance a planned expansion at its South Hill campus and to refinance debt there and at its North Side campus.
Most of the funds would be used to finance construction of a new residential tower to be called The Summit, on the Rockwood at South Hill campus, at 2903 E. 25th, says Alan Curryer, president and CEO of Rockwood Retirement Communities.
Up to $28 million, however, would be used to refinance debt at the Rockwood at South Hill Campus, and the Rockwood at Hawthorne campus, at 101 E. Hawthorne.
The Washington State Housing Finance Commission was scheduled to hold a hearing today, April 25, to consider Rockwood Retirement's request to issue the bonds.
"Our bonds are sold under authority of the Washington State Housing Finance Commission to promote senior housing in the state of Washington," Curryer says.
On the South Hill campus, The Summit would have 14 levels, including two levels of underground parking and a total of 65 living units.
The building would include a fitness center, a spa, a creative-arts study, a library, and a ballroom.
Walker Construction Inc., of Spokane is the contractor on the project, and NAC|Architecture, of Spokane, and Perkins Eastman, of Pittsburgh, designed it.
The Summit, which currently is in the development stage of the city of Spokane's permitting process, would be built just west of The Ridge, a seven-story, 105-unit tower formerly known as Rockwood Manor. The Summit is expected to open to residents by the summer of 2015.
Rockwood also plans to construct a two-story parking garage with 102 parking spaces on the north side of The Ridge.
The bond funds would cover the estimated $51 million tower construction costs, plus other development costs and marketing, Curryer says.
In all, the 90-acre Rockwood at South Hill campus includes 86 independent-living apartments, 43-assisted living units, 162 cottages, 30 memory-support units, and a 45-bed, skilled-nursing facility.
The 8-acre Rockwood at Hawthorne campus includes 20 independent-living apartments, 27 assisted-living units, 26 cottages, and 20 skilled-nursing beds.
Following the hearing, the commission will forward a recommendation to Washington state Gov. Jay Inslee's office for approval, he says.