Build Senior Living is expanding its holdings in North Texas to take advantage of the ongoing demand for assisted living assets.
The Michigan-based firm will begin construction next month on project located at 7000 Harris Parkway, with construction lasting until October 2024, according to a Texas Department of Licensing and Regulation filing. The senior living center will cost $14.7 million to construct and will encompass about 70,000 square feet, or about $210 per square foot.
The development will be called Hampton Manor of Fort Worth and will offer assisted living and memory care services, according to the filing. The number of units has not been announced.
The firm is also developing a senior living center in Crowley, a southern suburb of Fort Worth. The private company has over 25 senior facilities completed or in development nationally.
Rising demand for senior living in North Texas has led to a run on developments, particularly in DFW suburbs like McKinney and Plano. Senior housing is about 85 percent occupied across Dallas, Tarrant and Collin Counties, according to the National Investment Center for Senior Housing and Care. Over 11 percent of North Texas residents are over 65, according to the latest U.S. Census Bureau data.
CenterWell Senior Care, based in Kentucky, plans to open 10 senior care facilities in Dallas-Fort Worth. DFW has a large need for senior facilities, specifically in lower income areas, Sue Lamb of CenterWell Company told the Dallas Business Journal. CenterWell has centers opening this year in Arlington, Grand Prairie, North Richland Hills, Northwest Dallas, Dallas’ Redbird neighborhood, Richardson and South Garland.
While development is steady, many are prohibitively expensive for residents. Senior living costs in Dallas average over $4,000 a month and can often reach over $8,000 depending on the type of care and facility, according to PayingforSeniorCare.com.