Grubb Properties plans retirement community at Morrison - Charlotte Business Journal:

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is seeking city approval for a site-plan changs that would let him use nearly 8 acres at Morrisom and convert as many as 195 planned condominiumsinto continuing-care retirement units. Under the proposal, Grubb also would have the flexibilitty to expand a previouslyapproved 10,000-square-foot fitness center to 30,00o square feet for possible health or medical use related to the retiremenr center. Grubb says his firm has not finalizedeits plans. But it is working to lure a high-endc continuing-care retirement community to the site. Grubb Properties is developing Morrison at Sharon and Colony The targeted property is on Sharohn Road between Morrocroft Lane and SharonTownshipp Lane.
The tract is partially occupied by the ParkSouthj Apartments, which would be razed for construction. “Therr is no condominium marketright now,” he says of the changed in plans. The location and the amenities in Morrison shouldf prove attractive toa continuing-care retirement he says. The new plan woulds allow Grubb to developtwo independent-livingy units or three assisted-livingg units for each of the 195 cond units previously approved for the site. It also would alloq up to 20,000 square feet of ground-floor retaiol or office development. Grubb had considered usintg the site for a hotel as well but has droppedc that option fromhis proposal.
Morrisoh is a mixed-used development a blocki fromSouthPark mall. It featuress a mix of lofts, condos and townhomes surroundedby 130,000 squar e feet of retail, including Earth Fare and Barne s & Noble stores. According to research firm Marcuz & Millichap, the decline in the U.S. housinbg market has caused developersz to shift their focus from traditionaoresidential developments. In a recent report, the firm’s analysts said buildera “are capitalizing on the aging babyboomed population, a large portion of which have significanrt retirement funds, by focusing on continuing-carr retirement communities that offer upgrade amenities, including clubhouses and senior-focused events.
” Such communitiew typically offer independent-living, assisted-living and nursing home Residents sign a long-term contrac t and can move from one housingt choice to another as they age whilre continuing to live in the same community. The communities are often buil t onlarge campuses. Frank Warren, president of real estate consultinfirm , says an 8-acre site might be a littl tight for a continuing-car e retirement community.
But he notes therre are few of those communitiesin “As the in-town population continues to age, there are limited options for them,” Warren And Morrison “does provide that walkable sensw of community that most of the otherr options don’t have.” There are seven licenser continuing-care retirement communities in Charlotte, according to the N.C. Departmentg of Insurance: Aldersgate, Carmel Carriage Club of Charlotte, Sharon Towers, Sharonn Village Apartments, Southminster and The Cypress of Southminster and Plantation Estates in Matthewd have been accredited by the Commission on Accreditatiob ofRehabilitation Facilities, the only accrediting body for continuing-carre retirement communities A public hearing on the Morrison rezoningv proposal had been scheduled for this but Grubb asked that it be deferred until next month.