After several public hearings, a rezoning of the property and a complete site plan review, 42 acres of property at the Morewood site was sold to Harbor Ridge Associates, L.P. for a senior housing development. The parcel is situated along and overlooks the Town of North Hempstead's new 18-hole, links-style golf course known as Harbor Links. The purchase price was in excess of $26 million.
The proposed development will be called Harbor Ridge Estates and will consist of 675 residential units. Prospective homeowners will have to have at least one adult who's 55 years of age or older as a household member. The major component of the private, gated community will be a 400-unit continuing care retirement community CCRC. It is contemplated that Marriott Senior Living Services, Inc., a prominent manager of senior facilities in the United States, will operate this facility. The balance of the site will include a 125-unit mid-rise condominium as well as 150 single-family, attached and townhouse homes. Many of the homes will have view of the golf course.
Several unit layout plans ranging from one-bedroom apartments to large two-bedroom units with dens, will be available. Amenities and services will include a meal plan in a hotel-like restaurant, health club with heated indoor pool and jacuzzi, greenhouse, full service beauty salon/barber shop, postal service, in-house bank and scheduled transportation, among a host of other services.
Based on Marriott's successful Edgehill project on the Stamford-Greenwich, Conn. town line, the CCRC offers active seniors the opportunity to purchase an independent living unit or a skilled nursing bed within the complex if a need develops for a higher level of care and assistance. "This Lifecare feature is what will make this project unique," states David Pearson, president of the managing general partner of Harbor Ridge.
Town Supervisor May Newburger said, "We are very pleased with this transaction and the future benefit it will provide the town. We selected a local purchaser with strong financial backing, integrity and strong ties to the community. The town is also pleased that the development team has agreed to establish a $2 million senior housing endowment fund to facilitate the construction of moderate-income senior housing throughout the town."
Harbor Ridge is a limited partnership which includes affiliates of Pearson Partners, Inc., Tully Construction, Inc., Greenstreet Capital and Affirmative Equities. The partners have formed a joint venture to develop and own continuing care retirement communities to meet the growing needs of senior citizens in the United States. Greenstreet Financial of Coconut Grove, Fla., an affiliate of Greenstreet Capital, provided an $8 million mezzanine debt financing and arranged for a $49 million acquisition and pre-construction development loan from Credit Suisse First Boston Mortgage Capital, LLC.
Michael Miller, spokesperson for the TONH, reports that during the past year, he's received well over 500 inquiries from TONH residents regarding the new senior housing complex. Now, however, since it's officially become a private enterprise, Harbor Ridge cannot be "promoted" by the town. All requests for information should now be directed to Harbor Ridge Estates at 1-888-768-6700.