SHERIDAN — This summer, construction begins on a senior living multiplex that represents both a new frontier for a niche market in Sheridan as well as a concluding effort of a 17-year development endeavor.
The “Haven III” will fill the last designated section of land in the Holly Ponds subdivision and likely be the last major development project headed by Ron Patterson.
Haven III is a 48 condominium unit slated to be constructed across from the Welch Cancer Center on property that is formally zoned as part of the Holly Ponds complex.
In a new approach to senior living in Sheridan, the building will feature a living option for Sheridan’s older population that do not qualify for federal housing subsidies or need any level of assisted living or nursing services.
Current options for senior housing in Sheridan primarily include nursing homes, assisted living facilities or low-income housing.
But the $ 10 million Haven III will be unique in that it is simply a complex for older people in Sheridan to live among people of similar age while maintaining independent ownership of their living space.
“This is a midpoint, where there’s none available in Sheridan for those that have enough equity that the can’t apply for or be accepted into subsidized units,” explained Patterson, indicating he has identified approximately 400 households in Sheridan that fall under the niche market of older Sheridanites who are currently living with extra floor space and have enough equity that they do not qualify for financial assistance.
The three level senior congregate living building will feature an underground parking garage and apartments averaging 1,200 square feet of individual living space per unit. An additional 4,800 square feet of shared communal space will include a hobby area, library and media room.
Patterson said he believes the latest installment will make for more well-rounded living options within the Holly Ponds development.
“I’ve built 98 townhouses over the last 20 years,” he said. “I’ve also been involved in 122 single family lot developments at Holly Ponds. Thats 220 households I’ve been involved with ready to move up to the next level.”
Patterson elaborated that the young families who moved into his earlier developments have likely become empty nesters now, and might appreciate a new place to live with more built-in companionship, no stairs and lower overhead costs.
Patterson said the projected costs of a new condominium will be between $194,000 to $$248,000. Residents would also pay a fee to a homeowners’ association and pro-rated utilities.
“As we did our study, we found an average home of this size runs about $600 a month,” Patterson said, when asked why the living complexes will not be individually metered. “We get a better rate this way and we expect it to be somewhere between $400 and $500 a month.”
Patterson added he plans to work closely with the Senior Center and other community agencies to facilitate transportation, meal deliveries and other communal services.
Construction of The Haven III is expected to take a full calendar year. Afterward, Patterson will have completed a 17-year development endeavor that began with the ponds themselves.
“Holly Ponds was, and still is, one of the largest (Planned Unit Developments) in the state,” he said. “When I did all of Holly Ponds, it had areas for commercial, business, R1, R2 and R3.”
Patterson said he expects to break ground on his last major project in a few months.
“This is the last spot in town I have that I’ll be able to do a development like this,’” ‘Patterson said. “Im not going to say I’m going to retire in a couple years, but I’m going to move down to the consulting and mentoring business. I like to do that. I always have I always will.”
Patterson said when complete, the Holly Ponds complex will feature living arrangements for all phases of life. While the development currently has townhouses and single-family homes to accommodate young families and empty nesters, the Haven III will cater primarily to the retired community.