Darien, CT NAI Signature Group has completed the $12 million sale of One Parklands Dr., formerly one of two office buildings located in Parklands Office Park, to Norwood, Mass.-based LCB Senior Living (LCB).
The developer/operator plans to construct a 100,000 s/f assisted living community with approximately 100 apartments on a four-acre parcel to be known as The Residence at Selleck’s Woods as it adjoins the Selleck’s Woods Nature Preserve, which provides public access to a series of walking trails. The firm will renovate the existing 25,000 s/f, two-story building and add 75,000 s/f. It will provide parking underneath the new wing.
The transaction closed following a 30-month process to effect a zone change, a text change, site plan approval and State Traffic Commission approval. LCB plans to commence construction in the coming weeks. The NAI Signature Group team of Nick De Luca and Bob Gillon represented both LCB and the ownership, Parklands Office Park, LLC.
“LCB is a well-respected and highly experienced developer-operator of quality senior living communities throughout New England and the Mid-Atlantic states,” said Gillon. “This outstanding company takes a local approach to each of its communities, from architectural design through programming, and is committed to becoming an integral part of each community in which it operates. We are proud to work with LCB to help assure that there is an adequate supply of this critical type of housing stock in our area, the demand for which will grow exponentially in the next seven to 10 years.”
“Our communities serve a very local population and we are proud to be perceived as a good neighbor,” said LCB vice president of marketing Ted Doyle. “Most of our residents come from a three-to-five-mile radius of our communities. An important part of our mission is to allow local seniors to remain in their home towns, and to enjoy familiar lifestyles, activities and culture in proximity to family and friends – without the pressures of maintaining an individual home. Although it’s a tough decision for many, we hear daily from residents and their adult children that they’re relieved to be able to live as independently as they would in a condo, but with a variety of premium amenities and services to make life richer and easier.”
The Residence at Selleck’s Woods is scheduled to open in summer 2018.