A new $10.5 million, 3-story multifamily independent living facility in the center of Miami Twp. is a step closer to reality.
Homestead Village Active Living is a 131-unit, 100,000-square-foot project proposed to be constructed at The Exchange at Spring Valley, a 42-acre mixed use development on Ohio 741 that contains mostly retail and some office use.
Columbus-based Homestead Development also aims to construct two 8,000-square-foot office buildings worth $1.2 million each on the available 10.2-acre portion of the site and market them for medical uses that will be used by Homestead residents and the community at large.
“One of the things that drew us to this location is not only the Exchange itself, but also the ability to have connectivity to a lot of potential uses,” said Matt Canterbury, vice president of Homestead Development.
Those uses can be found within a 10,000-square-foot “Amenity Village” filled with things such as barber shop, salon, game room, fitness center, living room, a business center, chapel, post office, pet grooming area and more.
“The idea is that the seniors have a place to go and to collaborate and build community through activities of their own, activities that they create as well as what the building will give them,” Canterbury said.
The "active senior” designation means Homestead markets itself toward people who are 55 years old and older, are just retired and do not yet require any form of assisted living, he said. Average age is between 60 and 75. Senior-based rent rates are about 80 percent of average median income, Canterbury said.
Canterbury said Homestead chose the site because of its location between Miamisburg and Springboro and because of the area’s demographics. The company plans to submit a final development plan to Miami Twp. this month for the township’s board of trustees to vote on in December, he said.
If approved, the project will be built by Homestead Construction and will be the fourth Homestead Village Active Living 55+ community. A second 90,000 square foot location, also at 130 units, broke ground earlier this year at 3815 Park Overlook Drive in Beavercreek and a village and model is set to open in the spring of 2021. Pre-leasing will kick off at the end of this year and the marketing team is planning a ribbon-cutting that is scheduled for April.
Development on both the senior living and office components will occur separately but are being designed to work together in terms of the layout and parking design.
A plan submitted to the township shows open spaces with a gazebo and sidewalks connected to the rest of the Exchange at Spring Valley development. Buffers will be added to the east side of the site to protect residential uses located to the east of the site, company officials said.
Greg Smith, of Oberer Land Developers, told township trustees during their Oct. 6 meeting that the company has owned the site for about 15 years and marketed it for office use, but demand for office space in the area “has been a little bit weak and, unfortunately, is probably going to get a little bit weaker.” In contrast, residential demand continues to be strong, he said.
Smith said the Homestead development benefits retail and restaurants along the front of the site.
Trustees voted last month to approve a resolution that changes zoning to allow for a senior residence facility on the property.