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PACIFIC RETIREMENT SERVICES PRS to build 20-story tower next to ASU By Greg Stiles Mail Tribune Follow @@GregMTBusiness MailTribune.com By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted Apr. 14, 2016 @ 4:55 pm By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted Apr. 14, 2016 @ 4:55 pm » Social News p bs:newslist StartDate="20121121" EndDate="p bs:datecalc Months="3"" DateSort="1" UseObjects="1" ObjectClass="81" Taxonomywords="2325,665" ExactTaxonomyMatch="1" Image="1" Count="4" --> Pacific Retirement Services intends to develop its first post-recession Mirabella tower in collaboration with Arizona State University and the Arizona State University Foundation. The Medford-based manager and operator of 50 continuing care retirement communities in five states launched Mirabella tower projects in Portland, which opened in 2008, and Seattle, which opened in 2010, before funding sources dried up during the Great Recession. With ASU providing impetus for a new twist in senior living, PRS is poised for its third Mirabella development in Tempe, Ariz. "Arizona, and the Phoenix metro area, has been on our list of future opportunities," said Paul Riepma, PRS marketing senior vice president. "We've waited patiently for something like this. It will truly be the first high-rise, CCRC in the whole Phoenix metro area; everyone else is out in the suburbs." Although costs are fluid, Riepma expected Mirabella ASU to be in the same $200 million neighborhood as the two previous towers. PRS won out against a half-dozen finalists to develop and operate the senior community adjacent to the ASU campus. The project is expected to feature 20 stories with 291 independent, assisted, memory-care and skilled-nursing units. A marketing and feasibility study is being conducted for the project, which is subject to ground lease approval from the Arizona Board of Regents. If deemed viable, Mirabella construction is expected to begin in 2018, with occupancy predicted in spring 2020. "We are going to meet with future residents and find out how big of homes they want and how to design the building," Riepma said. "When you live in a high rise, the whole building belongs to you. You don't spend your whole life in your apartment. The views will be incredible, 360 degrees." Plans call for three restaurants on the 15th floor with bistro, bar and fine dining formats. Residents will have access to libraries, university transportation and will be able to audit classes at no cost, Riepma said. "We're looking at the front-end of the baby boomers," he said. "They don't want to live in an environment where all they see is some other 70-year-old. It's a little different customer than what we've built for in the past. They want to be around younger people with energy and a wider array of possibilities of how they choose to live." There are about 100 university-based senior communities in the country, including Penn State University, Duke University, University of Texas and Dartmouth College. About half of ASU’s 60,000 graduates aged 65 and older live in the Arizona retirement mecca, with that figure expected to double in the next decade, according to a PRS release. The development team includes Ankrom Moisan Architects and McCarthy Building Companies. PRS has secured financing commitments from Cain Brothers. Since its previous Mirabella projects, PRS has kept busy expanding existing campuses, Riepma said. A new building was added to the Holiday Park Plaza in Portland a year ago and another is scheduled. A 23-story tower was built in Fort Worth, Texas, and a new building will soon go up in the Napa Valley. "Adding to campuses where we already control the land has been a very conservative way to grow coming out of the recession," he said. Reach reporter Greg Stiles at 541-776-4463 or [email protected]. Follow him on Twitter at www.twitter.com/GregMTBusiness , on Facebook at www.facebook.com/greg.stiles.31 By Greg Stiles Mail Tribune Follow @@GregMTBusiness MailTribune.com By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted Apr. 14, 2016 @ 4:55 pm » Comment or view comments Terms of Service /* $( document ).ready(function() { // Jquery mobile is trying to style the button and leaving a blank gry button on top of a white button $("#viafouracoms .vf-comment-controls li.vf-right").html(' Submit '); });*/ » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. 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