Panorama Group is betting big on the need for new eldercare facilities in the Los Angeles area.
The Beverly Hills-based firm filed for a 109-unit assisted living facility in Eagle Rock, a week after filing for an 80-unit project in Pico-Roberston.
The 109-unit development is slated for 4900 Eagle Rock Boulevard, a corner property on Yosemite Drive near the neighborhood’s border with Glendale. It would replace a 6,000-square-foot church and a handful of other small buildings.
Plans call for two buildings centered on a single courtyard with a total of 87 assisted-living rooms and 22 memory care rooms for people experiencing cognitive decline. One of the buildings would include a rooftop deck, according to Panorama.
The firm tapped KTGY Architecture + Planning to design the project. The design firm is also working on the Pico-Roberston project, which shares design features and amenities.
Panorama founder Daniel Kianmahd said that about 45 percent of 72,000-square-foot Eagle Rock building is common space, which will include a commercial kitchen, a dining room, library, and a theater.
Panorama looks to break ground in the first quarter of next year and open the facility by the end of 2022. It’s the firm’s third ground-up senior living project, all of which are in the L.A. area.
Though the long term outlook for the development of elder-care facilities looks strong, the COVID-19 epidemic has sent shares of health-care real estate investment trusts plummeting.
Welltower and and Ventas Inc., which both own senior housing portfolios, have each lost over a third of their value in the last month.