[ 03.29.2005 ]

PHILADELPHIA, PENNSYLVANIA - Aegis Property Group, a real estate development and management firm in Philadelphia, announced today a joint venture in which it will oversee the project management of a massive reconfiguration and expansion project for Whitney Center - a continuing care retirement community in Hamden, Connecticut. Aegis has partnered with Lifescapes, a senior living consulting and development firm with offices in Atlanta and Philadelphia, to manage the entire project development process from planning through implementation. Current estimates suggest that the total project, including financing costs, will reach nearly $100 million.

The Whitney Center Renaissance Project, currently in the review and analysis phase, will involve the construction of one ten-story and two six-story buildings to accommodate the continued growth of the retirement community center. The master plan calls for an additional 84 independent living apartments and a new health center consisting of 30 assisted living units, 12 dementia care units and 59 skilled nursing beds, along with renovated common areas. Currently, Whitney Center comprises of 178 independent living apartments, six assisted living units and 59 skilled nursing beds. The pre-financing phase will begin in May of 2006 with construction slated to begin in late 2008. According to the plan, the project should be completed in the summer of 2010.

Aegis will lead the joint venture during the implementation phase under the guidance of James L. Price, the firm's partner in charge of the senior living sector. "We're very excited to be chosen for such a significant community project and we look forward to combining our efforts with Lifescapes," said Price. Aegis will provide project management oversight pertaining to design, engineering and land-use approvals, along with procurement and management of the construction.

Lifescapes will supervise the project management relating to the marketing and financial feasibility, coordination of regulatory approvals, oversight of financing and operations planning. The development and consulting firm, which specializes in the senior living sector, will lead the joint venture during the review phase under the guidance of its founder, Alan B. Wells. "I'm thrilled to be partnering with Aegis on such an integral project," said Wells. "Our collective experience provides a thorough understanding of every aspect of the planning and implementation. This enables us to anticipate and avoid the numerous potential pitfalls that impact many similar projects that have such a complex set of interrelated components."

"Both firms bring highly skilled and motivated professionals who have the right combination of experience to provide the highest level of service to Whitney Center," said Price. "This joint venture makes sense because Lifescapes has extensive experience advising clients on strategic planning and successfully implementing marketing, operating and financial plans, while we have a substantial and successful track record in planning and implementing large complex projects on behalf of our clients."

Whitney Center, located at 200 Leeder Hill Drive in Hamden, Connecticut is a continuing care retirement community offering seniors a sophisticated living environment designed to promote and enhance the cultural and educational pursuits of its residents. Whitney Center provides full, comprehensive senior living assistance by combining assisted living and health services in one convenient location. With extensive preventive care options such as regular clinics for health monitoring, education and other wellness services, Whitney Center keeps residents at their highest level of health and well-being. For more information on the services and programs offered by Whitney Center, please visit www.whitneycenter.com or call 800-237-3847.

Lifescapes, originating in 2004, leads project development efforts for the senior living sector by guiding institutions with strategic planning, financial analysis and structuring, capital financing and operations programming. Founder Alan Wells, former partner in KPMG, has more than 25 years of experience in finance, strategic planning and project development consulting within the healthcare industry. Lifescapes excels at assembling the necessary skilled professionals to complete any particular development project. For more information on Lifescapes or any of its services, please call 770-730-9706.

Founded in 1980, Aegis Property Group is a real estate company that provides an integrated mix of transaction and project management services.  The firm's proven market expertise and solid technical capabilities address the complex real estate requirements of major corporations and institutions.  Aegis has completed more than $2 billion of significant office, industrial, residential and institutional transactions and projects.  For more information on Aegis Property Group or any of its services, please visit www.aegispg.com or call 215-568-5050.