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I did see that the covers on the CVS signage were gone and all the lights were on today with several vehicles outside. So at least CVS appears to be getting ready to actually open.
Not to mention they still haven't filled the spot where the Kroger left at 55 and now there is an opening from where Ace left to go to Davis Drive. I don't want to see so many buildings vacant while new retail areas are being built. Just feel we should fill what we have before creating new.
The Ace space has been filled for months by Jump Zone which moved from Holly Springs. I have taken my kid there for months. That Kroger location is terrible given that you can't turn into it from High House. I live in the area as well and love Stone Creek. I bypass the Lowe's foods to go to the HT. I have lived in this area since 1999 and am loving all the new things that are happening.
An N&O story on CCRC’s stated that Searstone had reduced their first phase from 205 to 160 units. Assume that reduces the 70% required by insurance regulations for pre-sales to 112. Retirees rushing toward TLC - Local/State - NewsObserver.com Searstone has been offering discounted entrance fees and the latest DOI report from Searstone lists 96 binding contracts as of end Feb., unfortunately, still a way from even a reduced required number. Any insight on the changes in size and sales would be appreciated.
And what is going on with the retail village? It was sold to a Charlotte developer but the CVS still hasn’t opened and the only other announcement I’ve read is for a Bojangles. Are there any other signed leases for their “upscale” retail village? Thanks for any information or updates.
CVS does appear to be stocking this week. It's easy to see the trucks and loading or rear entrance because it faces the front and frames the public art.
CVS does appear to be stocking this week. It's easy to see the trucks and loading or rear entrance because it faces the front and frames the public art.
New press release on Searstone website: SearStone (http://www.searstone.com/inquire/pressrelease/10_05_04.html - broken link)
Interesting comment about surge of depositors. End April report at DOI indicates 98 binding contracts, same as end March. Heard the first phase was reduced to 169, not 160, so if correct, 118 binding contracts (70%) needed to start building. Any updates regarding retail leases signed beside Bojangles and more information about the size of the reduced first phase would be appreciated.
BY DAVID BRACKEN - Staff Writer
SearStone, a proposed continuing care retirement community in Cary, will go before state regulators later this month seeking approval to sell $112 million in tax-exempt bonds.
The project was placed on the Nov.19 agenda of the state Medical Care Commission after the developers' original request was denied because of concerns about the project's financial viability.
Last edited by Green Irish Eyes; 11-12-2010 at 06:50 AM..
Reason: Copyright violation -- please post a link and a "snippet" only, per the Terms of Service
Searstone is an upgraded senior living community concept, "Life Care," where you can buy a home as long as one of the buyers is over 62 years old. The site plan indicatesa density of development that will carry the property into small mixed use urban living.
It was originally pitched as a place where older folks could live in estate homes, and downsize through appropriate options through assisted living to end of life care, in a community with on-site retail and services for many daily needs immediately available.
Mike, have not chatted with you in awhile and I doubt you remember me. I aways valued your thoughts and would love to read your thoughts on Searstone. How is it really doing and is the financial viability of their CCRC model looking realistic or is it a stretch. So many variables in the success of these places and I know some are moving to monthly fee basis without the buy in. More monthly but only a year lease. Please anyone else with thoughts please jump in.
Mike, have not chatted with you in awhile and I doubt you remember me. I aways valued your thoughts and would love to read your thoughts on Searstone. How is it really doing and is the financial viability of their CCRC model looking realistic or is it a stretch. So many variables in the success of these places and I know some are moving to monthly fee basis without the buy in. More monthly but only a year lease. Please anyone else with thoughts please jump in.
Tuborg, long time no chat.
I really don't know the deal at Searstone.
When they opened up, they made it crystal clear that real estate agents are not welcome, that they are a health service provider, not a real estate opportunity.
A while later, I took a woman on a relocation scouting trip in to talk to them about residency for her mom, and they could hardly have been ruder to me just for me being there. I suspect that some agents don't understand the deal and get abrasive, so they mark their territory. But, it really turned me off a little on them.
I really don't know the deal at Searstone.
When they opened up, they made it crystal clear that real estate agents are not welcome, that they are a health service provider, not a real estate opportunity.
A while later, I took a woman on a relocation scouting trip in to talk to them about residency for her mom, and they could hardly have been ruder to me just for me being there. I suspect that some agents don't understand the deal and get abrasive, so they mark their territory. But, it really turned me off a little on them.
Greetings and wow you remember. We are trying to get a feel for options as we move up in age. Still young in many ways but better to soon than to late.
I really don't know the deal at Searstone.
When they opened up, they made it crystal clear that real estate agents are not welcome, that they are a health service provider, not a real estate opportunity.
A while later, I took a woman on a relocation scouting trip in to talk to them about residency for her mom, and they could hardly have been ruder to me just for me being there. I suspect that some agents don't understand the deal and get abrasive, so they mark their territory. But, it really turned me off a little on them.
Seems like bad business policy to be that way with professionals who can assist people in getting people settled there. Sorry you and your client had to deal with that.
Seems like bad business policy to be that way with professionals who can assist people in getting people settled there. Sorry you and your client had to deal with that.
Are all the homes completed?
BTW - Great thread.
I spoke with a sales rep the other day and she said they were 93% occupied. I can understand why they don't want to deal with real estate agents as it isn't a normal real estate process. Entry fees at other places can often be negotiated and I would suspect they could here also. The reasons for negotiating can be different than in a straight real estate deal. It can be a result of the longer term financial resources of the person and perhaps for a higher monthly fee the entry fee could be reduced etc etc etc. Sorta like constructing a cost package based on the financial resources of the client. There are newer luxury CCRC models without the buy in and with higher monthly costs based on a year to year lease. Best to have your own LTC insurance in that situation while at Searstone what happens when you do have insurance.
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Searstone Update
