KOAR will spend $70M on condo complex for LGBTQ seniors in Palm Springs
Living Out is being billed as the first development of its kind in SoCal, with more to come around the nation
Developer KOAR International will spend $70 million on what is being billed as the first luxury condominium complex in Southern California to focus on lesbian, gay, bisexual, transgender and queer senior citizens.
Construction on Living Out Palm Springs will break ground in January in an area that has been considered a popular retirement community for gay men, according to the Los Angeles Times. KOAR announced the 105-unit project in September, saying it would begin taking refundable reservations the following month.
KOAR said it intends to develop other Living Out communities around the country.
L.A.-based Koar — led by Loren Ostrow and Paul Alanis — will sell units starting at $699,000, which is about 15 percent below the average rate for luxury condos in downtown L.A.
The firm believes it can sell the complex based on the promise of a community, according to the report. The vast majority of LGBTQ Americans worry about having adequate social supports as they age, the Times notes, citing an AARP study.
Living Out advertises itself as featuring a card room, restaurant, bocce ball, and pickleball court among other amenities to encourage interaction among the condo dwellers. There is also a retail space with pet hotel and full-serving grooming.
KOAR said it has developed $3 billion worth of real estate projects including condos, shopping centers, hotels and casinos over the past four decades. [LAT] — Matthew Blake