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October 1, 2021

Ryan Companies begins construction on Texas senior living project

Designed by Ryan Architecture + Engineering, the new 186-unit luxury senior living community is planned to be completed in 2023.

Ryan Companies has set up a joint venture (JV) and commenced construction on Grand Living at Tuscan Lakes, a luxury senior living community at League City, Texas, US.

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The JV partners include property management company Grand Living Management and alternative asset management company Bow River Capital.

Grand Living Management will be responsible for day-to-day operations whereas Bow River will offer asset management services for the project.

Designed by Ryan Architecture + Engineering, the project forms part of Tuscan Lakes, a master-planned community of Johnson Development in the south-east area of greater Houston.

Grand Living at Tuscan Lakes will offer nearly 186 residences to meet the anticipated senior living demand.

Ryan Companies senior living development senior vice-president Eric Anderson said: “Grand Living at Tuscan Lakes will be the only age-in-community option in the area, which will allow residents to remain in their home even as their healthcare needs change.

“Our partnership with Grand Living is focused on creating places for seniors to thrive. This concept is brought to life through our unique model that anticipates the progression of senior living.”

The new luxury senior living community residents will have access to Tuscan Lakes’ pedestrian walkways, which are linked to a community hike-and-bike trail system.

The residents will also have easy access to retail and healthcare, stated the firm.

Bank of the West is serving as a lender for the project, which is planned to be completed in the second quarter of 2023.

The new project will be the third Grand Living senior living community in Texas. The other two projects are Grand Living at Georgetown and Grand Living at Riverstone.

Grand Living at Georgetown is due to open in November 2021 while Grand Living at Riverstone is scheduled to open in early 2022.

Ryan Companies has completed 54 senior living communities in the US.

 

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Internet of Things set to transform the construction industry

The Internet of Things (IoT) is proving hugely beneficial to the construction industry, allowing different assets and people to be monitored and accounted for across a traditionally fragmented industry. As a result, companies that invest in IoT now promise to make long-term gains in the industry. According to GlobalData forecasts, spending on IoT in construction will reach $9.6bn by 2025. For an industry that has large sites to manage, strict project timelines, hazardous working conditions, and tight profit margins, IoT can create a manageable view of construction sites for project managers, streamline operations, and protect workers. In addition, it allows real-time data streams of assets, automates time-consuming tasks, and ensures employee safety and productivity. IoT integration with equipment manufacturing also has rich advantages for asset monitoring sensors. This, combined with artificial intelligence (AI) can help forecast materials and workers needed during the procurement stage and assist in forecast financing. Read GlobalData’s whitepaper to find out more, including information on:
  • IoT value chain
  • Market size and growth forecasts
  • Mergers and acquisitions
  • Leading IoT adopters in construction
  • Specialist IoT vendors in construction
Don’t get left behind – find out how IoT can fortify your operations and make investments now.
by GlobalData
Enter your details here to receive your free Report.

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