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July 15, 2020

Simsbury retirement community readies $68M expansion

Renderings | Contributed Simsbury's McLean retirement community is eyeing a $68-million expansion.

McLean, a nonprofit 125-acre continuing care retirement community in Simsbury, is readying a $68-million expansion that would see its portfolio of independent living units grow by nearly half.

With the help of a pending tax-exempt bond issue by the quasi-public Connecticut Health and Educational Facilities Authority, McLean Affiliates plans to build 55 new independent living units, as well as a gym, art studio and other amenities in a new 124,000-square-foot building with underground parking on its 75 Great Pond Road campus, according to a preliminary offering memorandum released July 10.

McLean would also build a new bistro and dining room with a patio overlooking the adjacent Hop Meadow Country Club, an exclusive members-only golf course owned by a related trust called the McLean Fund.

The retirement community currently has 88 independent living units -- a mix of apartments, villas and cottages. When construction is complete in 2022, that number would increase by 43, to a total of 131 independent living units, as McLean aso intends to eliminate some of the existing cottage units, bond documents say.

The McLean campus also houses 71 assisted living units (medical and memory care) and 89 skilled nursing beds, which are unaffected by the pending project.

The 55 units to be constructed include mostly one-and two-bedroom units with an average size of 1,242 square feet. Monthly fees would average $4,184, which would come on top of a one-time, potentially refundable entrance fee averaging nearly $278,000, according to the memorandum.

McLean also has future plans for a second expansion, which would contain 50 or more new independent living units. Those plans are not part of the pending bond issue, however, and McLean said it doesn’t yet have a timetable for that phase.

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