Senior Housing Project Moving Forward

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Indianapolis-based Justus Rental Properties Inc. is planning a $25 million senior living development in Carmel. Construction on the nearly 200-unit project is expected to get underway in May. February 10, 2014

News Release

INDIANAPOLIS, Ind. - Senior housing experts Justus Rental Properties, Inc. has obtained zoning approval for a proposed $25 million, 185 unit luxury senior living project located near 136th Street and U.S.31/Meridian Street, Carmel. Known for the Crestwood Village portfolio with over 2200 senior apartments, Justus is initiating a new brand of high-end luxurious senior apartments under the moniker Woodland Terrace.

Woodland Terrace of Carmel will be the flagship of the new Justus brand of highly amenitized senior living communities. Inspired by a dedication to the mind, body and spirit, Justus has planned art, music, and technology studios with a visual arts gallery, techno-lounge, and an outdoor performing arts auditorium. Two cutting-edge fitness centers with certified personal fitness trainers will provide residents an opportunity to maintain their physical vitality.

Serenity, balance, and strength may be found within the yoga studio or in the community chapel. Preliminary plans showcase a large rooftop garden with outdoor dining overlooking a designated tree preservation area. Several restaurant venues including a pub and bistro as well as the Centennial Ballroom (named to honor Justus' 100+ years in business) will offer residents their choice of casual or fine dining.

The planned community will feature studios and one bedroom apartment homes, with a limited number of two bedroom penthouse suites. Luxury finishes and high-end appliances will be standard in the 560 to 1130 sq. ft. apartments. Detached parking garages will also be available. Wi-Fi and state of the art concierge technology will be featured throughout the community and integrated into every apartment home.

Unlike several endowment/buy-in based Carmel facilities (requiring prospective tenants to buy-in at $25,000 to $1 million up-front, plus a monthly fee) Woodland Terrace does not require an endowment fee. Monthly rents will be based upon unit sizes and associated service or care levels.

Woodland Terrace of Carmel is anticipated to break ground in May and has been zoned under the auspices of a licensed Continuing Care Retirement Community (CCRC). A CCRC is defined as "a place where three or more levels of continued care are provided to senior citizens, including but not limited to: Independent Living, Assisted Living, and Memory Care. Justus plans include 87 independent living, 82 assisted living and 16 memory care units. Carmel's zoning board agreed the CCRC is a permitted use on the subject site and is not excluded in the U.S. 31 Overlay Zone."

Since 1910 the Justus Family of Companies has built, owned and managed over 32,000 homes and apartments.

Source: Justus Rental Properties, Inc.