Broadview – Senior Living at Purchase College Secures Sufficient Funding to Start Construction Next Year
Real Estate In-Depth | May 2020
PURCHASE—Broadview – Senior Living at Purchase College, currently under development at the Purchase College campus, has reached the halfway point to financing to enable its developer to pencil in the start construction for the 220-resident retirement community for individuals 62 and older next year.
Located on a 40-acre grassy and wooded landscape, Broadview will offer 174 one- and two-bedroom apartment homes with underground reserved parking, and 46 two-bedroom villas with attached two-car garages, distinctively designed in a traditional American and English architecture. The developer states that construction will begin on the project in mid-2021.
When completed, residents will enjoy an exclusive array of first-class services and amenities including a clubhouse with indoor swimming pool and fitness center, movie theatre, spa and salon, multiple dining venues offering gourmet culinary experiences, walking trails, dog park and the Learning Commons—designed for intergenerational learning featuring performance and exhibition areas, a multimedia lab, studios for art and movement and a café.
Offering a new kind of senior living for discovering the cultural and academic benefits of retirement on a college campus, Broadview will feature a dynamic environment where residents will enjoy an independent lifestyle, intergenerational learning and can be involved in the Purchase College community.
Opportunities to attend cultural attractions at Purchase College include theatrical and cultural events at the Performing Arts Center offering world-class music, dance and theatre productions and the Neuberger Museum of Art, world renowned for its collection of modern, contemporary and African art.
“Purchase College is home to an inspirational community of students, faculty and friends where open-minded engagement with the creative process leads to a lifetime of intellectual growth,” said Purchase College past president Thomas J. Schwarz, who remains deeply committed to the development of Broadview. “Having the senior learning community on campus will lead to a creative synergy between youth and experience, fostering an alliance of energy and wisdom that benefits everyone.”
Representing an extension of the educational mission of Purchase College, Broadview will also benefit the college, its students and faculty financially. Seventy-five percent of rent proceeds from the Broadview ground lease will be used for student scholarships, and 25% will go toward faculty hiring at Purchase College.
A Return-of-Capital financial plan at Broadview will refund 100% of the one-time entrance fee during the first four months of occupancy and 90% thereafter, no matter the length of residency.
These communities are much more than a “downsizing alternative” for older adults. “People benefit from living in a community like Broadview for the lifestyle they provide as well as social interaction, wellness programs, exclusive amenities and on-campus activities in addition to security and a peace of mind,” said Ashley Wade, Broadview’s Director of Marketing.