SCOTTSDALE, AZ — Cadence Living, Harrison Street and Ryan Companies US, Inc. announce that construction has begun on its newest approximately $64M luxury senior living community, Acoya Shea in Scottsdale, Arizona. The 197,000 square-foot luxury senior living community, located on 2.55 acres near the intersection of Scottsdale Road and Shea Boulevard at 7373 E. Shea Boulevard, will provide 147 studio, one- and two-bedroom independent, assisted living and memory care residential units.
Designed to offer an exceptional living experience for seniors seeking a vibrant lifestyle, Acoya Shea will feature amenities and services including multiple indoor and outdoor dining venues with farm-to-table meals, a private courtyard with a fireplace and swimming pool, movie theater, salon and barbershop, fitness studio, cocktail lounge, underground parking garage, outdoor pet area as well as a memory care garden, tele-medicine room and a dedicated massage and physical therapy room. The four-story community will include four wings that conjoin to an elegant two-story great room with a large outdoor living area, ideal for seniors seeking an active, healthy, and social lifestyle.
“Now more than ever, seniors are demanding an active, healthy, and creatively engaging lifestyle,” Eric Gruber, principal with Cadence Living. “By adding Acoya Shea to our family of communities, Cadence and Ryan are responding to those seeking the elegance of a modern community with luxurious amenities in a desirable location.”
Each residence will include a full-kitchen, comfortable living area, a patio or balcony, washer and dryer, walk-in shower and a 24-hour emergency line. Located next to high quality restaurants and coffee shops, residents will enjoy easy access to all Scottsdale has to offer, creating an opportunity to indulge in a full urban infill experience with artistic, intellectual, social and entertainment programing arranged through Cadence’s red carpet concierge services.
Acoya Shea is Cadence Living’s ninth community in Arizona, and the fourth community to be developed in partnership with Ryan. The new luxury senior living community was designed and built by Ryan. Construction is expected to complete in quarter two of 2023. This project will create approximately 100 permanent jobs and construction will generate approximately $6 million in job wages.
“Senior living communities have evolved tremendously, and Cadence Living understands that,” said Daniel Raimer, director of real estate development, Ryan Companies. “Through our partnership with Cadence Living, we’re creating an innovative place for seniors to age-in-place. This allows residents to remain in their home even as their healthcare needs change, which is important for residents and their families.”
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan’s market depth includes retail, industrial, healthcare, multifamily housing and senior living. Ryan’s development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality and mission critical facilities. Ryan has over 1,800 employees in 16 offices and has completed projects in nearly every state. For more information, visit ryancompanies.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London and Toronto, the firm has more than 195-employees and approximately $36 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
About Cadence Living
Established in Scottsdale, Arizona in 2016, Cadence Living is an owner, operator and developer of senior living communities across the United States. With communities located across the country, Cadence Living’s team of professionals are devoted to providing high quality living environments focused on health, wellness and living styles that respect individual preferences while providing supportive services to help people live their best life. For more information, visit www.cadencesl.com.