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Northwest-based retirement community to build $55 million property at Point Ruston

A $55 million, six-story retirement community could open at Point Ruston by fall of 2018.

Seattle-based GenCare Lifestyle has signed a letter of intent with Point Ruston and is finalizing its purchase and sale agreement for the property. The 150-plus unit building would be kitty-corner across the roundabout from the Copperline Apartments, next to Ruston Way.

 

GenCare CEO Leon Grundstein said the company expects to build at least 150 units, including 24 memory care units and about 50 assisted living units, with independent living units as well. Some apartments will have a view, he said.

The property will include a swimming pool, active common areas, a fitness center and theater, among other amenities. When complete, the building could have 141,400 square feet. It could include 80 parking stalls.

The company selected Point Ruston because seniors are looking for more options than what the South Sound now has available.

“These redevelopments of Point Ruston and downtown Tacoma have attracted a lot of interest,” Grundstein said. Seniors today “are looking for a wide variety of services and choices.”

For instance, Grundstein said GenCare serves whole and organic food. It is certified gluten-free by the Gluten Intolerance Group of North America, whose requirements include a yearly written exam for staff.

The company’s other properties are in Granite Falls, Seattle, Lynnwood and Renton. Point Ruston is the setting for a massive Superfund site cleanup. The development recently signed an updated agreement with the Environmental Protection Agency for the 97-acre property’s cleanup.

Elsewhere, an $85 million retirement community by Presbyterian Retirement Communities Northwest was selected in March for a site along the Thea Foss Waterway. The company and the Foss Waterway Development Authority are negotiating a development agreement.

Kate Martin: 253-597-8542, @KateReports

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