Post-Acute & Senior Living: Welltower-Hines unveil NYC plans

A newly released rendering shows the entrance to a proposed 15-story, 125,000 square foot retail and senior living development in New York City’s Midtown area. Rendering courtesy of SLCE Architects LLP

A newly released rendering shows the entrance to a proposed 15-story, 125,000 square foot retail and senior living development in New York City’s Midtown area. Rendering courtesy of SLCE Architects LLP

JV paid $115 million to assemble site of planned 15-story senior and retail project

By John B. Mugford

Healthcare real estate investment trust (REIT) Welltower Inc. (NYSE: HCN) and real estate investment, development and management firm Hines recently unveiled plans for their previously announced proposed 15-story, 125,000 square foot retail and senior living building in Midtown Manhattan. Healthcare Real Estate Insights™ has also learned that the joint venture (JV) partners paid $115 million to assemble the two-parcel redevelopment site.

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