Berry College is over half way to getting enough reservations for its Lavender Mountain Senior Living to break ground.
Nicolle Williams, director of marketing, explained to a group of community leaders in Rome Tuesday that the facility needed to have deposits on 75 percent of its units to secure construction funding for the $130 million project.
Berry Trustee C.B. ‘Buster’ Wright III said the median net worth of people that have already put down deposits is approximately $2 million. He said 45 percent of the deposits have come from people outside of Floyd County. Williams and Wright also dispelled any idea that the facility was open only to Berry College alumni. The Spires at Berry College is open to anyone.
“We have highly educated professionals who want to stay active with their brains and their bodies,” Williams said.
Wright put it another way saying, “People who might have moved out of the community to be near adult children and now staying here.”
The base one-time entry fee, which is 90 percent refundable, has been set at $187,900. The fee is not due until the resident moves in. Williams said the fee is 90 percent refundable for any reason, once their cottage or apartment is re-leased. The deposit to hold a residence until construction is completed is 10 percent of the specific entry fee
Monthly fees, after move-in, start at $2,495 with those fees covering a variety of expenses. Among other things the monthly charge includes 30 meals a month, all utilities, housekeeping, covered parking, transportation services and a wellness program.
“Really what draws people here is the fact that there is health care, and really good health care in this town. Like no other really,” Williams said.
Wright said the development would also benefit the Berry student work program, particularly for students who are majoring in nursing, exercise science and marketing.
Wright also said local sub-contractors would have an opportunity to find jobs during the construction process.
The Spires at Berry College will feature 155 apartments, 17 lodge apartments and 16 cottages in its independent living housing. It will also include a health care building with space for memory care patients on the first floor, rooms for those who need skilled nursing care on the second floor and the third and fourth floor reserved for people who need some amount of assisted-living.
Williams said the goal is to break ground in the spring of 2018 with the first residents able to move in late in 2019 or early 2020.