Ground broke last month at Willow Valley Communities to make way for more apartments.
The continuing care retirement community in West Lampeter Township, Lancaster County, is building a five-story apartment building called The Vistas.
Willow Valley Communities sees strong demand for larger apartments, spokeswoman Maureen Leader said.
Of the 53 units being constructed, 41 are already reserved.
The apartment homes will range between 1,720 to 1,991 square feet, and the building will stand on a hilltop with views north and south of the property. The apartments are available to residents 55 older. The entrance fee is $370,000 with a monthly service fee starting at $3,280.
West Lampeter Township-based CCS Building Group will start construction in early March, and the $23.7 million project should be completed by summer 2017.
A closed bond issue of about $38 million, which was approved in November by Lancaster’s East Hempfield Township Industrial Development Authority, will in part fund The Vistas project, according to a news release.
The fixed-rate bond issue played a key part in Willow Valley Communities’ recent “A” Fitch Rating. Fitch Ratings, based in New York City and London, assesses the financial health of senior-living facilities, as well as a host of other organizations.
“With the addition of The Vistas, Willow Valley Communities continues to expand the breadth of its offerings,” said John G. Swanson, president of Willow Valley Living, the development and management company for Willow Valley Communities.