Crews from Native Excavating already have started working on building a new senior living center near Casey’s Pond in Steamboat Springs.

Photo by John F. Russell

Crews from Native Excavating already have started working on building a new senior living center near Casey’s Pond in Steamboat Springs.

Construction is under way at senior living community in Steamboat

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Casey’s Pond will wait to seek residents

Phil Shapiro, of Pearl Senior Living, said Monday it is premature for people to contact his company about leasing a residence in Casey’s Pond Senior Living. His company is in the process of hiring an executive director and a marketing director. A local marketing office could be open by October.

In the meantime, interested people will soon be able to go to www.caseyspond.com and sign up for a newsletter that will keep them abreast of developments. There is currently no urgency or need to get on a waiting list for Casey’s Pond Senior Living, Shapiro said.

Editor's note: This story has been changed to remove an anticipated date for when a roof is expected on the building.

Development officials confirmed Monday what already was apparent from the earth-moving equipment bustling on the five-acre site at U.S. Highway 40 and Walton Creek Road ­— construction on the 117,000-square-foot continuing care community Casey’s Pond Senior Living is under way.

Construction will take about 17 months, followed by a month of testing operations before a mid-fall 2013 opening, said Phil Shapiro, a principal with the development group Pearl Senior Living. Utilities and a paved road already are in place.

The general contractor is Adolfson & Peterson Construction, which built the latest addition at Yampa Valley Medical Center. The cost estimate has been placed as high as $40 million.

When the community opens, Doak Walker Care Center residents and staff will move from YVMC to a new 60-bed facility there. However, Casey’s Pond will include a variety of living accommodations including independent and assisted living apartments.

Shapiro’s company will develop, market and manage the community. However, it will be owned by the nonprofit Colorado Senior Residences Inc., branded as Casey’s Pond Senior Living, with a board that includes local community leaders.

“From our perspective, this has been an incredibly engaging relationship between our firm and the board and its advisory committees,” Shapiro said. “This is a grassroots project, one of those rare opportunities for a multi-disciplinary team.”

Shapiro’s colleague, Tom Finley, who is in charge of all financial matters for Pearl Senior Living, said the relationship with the community and YVMC was the key factor in landing the tax-exempt bond financing that closed May 3. It is the same kind of construction financing Yampa Valley Medical Center used and delivers a 35-year fixed rate on coupons averaging 6.99 percent interest (paid to investors).

“It was an unbelievably good result,” Finley said. “The bond issue was more than three times oversubscribed, so we used that leverage to lower the overall interest rate on the debt for the project.”

“It tells a story,” he said. “It tells us that the public markets saw the Steamboat market and the overall structure we put in place for the credit behind the bonds as very strong. They like that Yampa Valley Medical Center provided the community investment to incubate the project. They liked that a very friendly relationship with a high level health care institution with a very strong balance sheet like Yampa Valley Medical Center will continue.”

The next, most noticeable phase of construction is apt to be the pouring of a large concrete pad for the building, Charles Gee, the third principal in Pearl Senior Living, told Steamboat Today in February.

To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com

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