The newest senior housing building in Dakota County, a unique public-private partnership, opened this month overlooking a park and pond in Burnsville.
The $21 million Valley Ridge building at County Road 5 and Burnsville Parkway is the first to be jointly built and occupied by Dakota County's Community Development Agency and the nonprofit senior housing giant, Presbyterian Homes. It's a bigger building on a bigger site than either could afford alone, officials said.
The east wing has 80 independent living apartments and the west wing has 20 Presbyterian Homes memory care units and 40 assisted-living apartments. The two wings are joined in the middle by a common area for socializing and dining.
Although Presbyterian Homes has many senior buildings throughout the metro area, this is the first financed using the tax-exempt status of the community development agency. That lowered Presbyterian Homes' costs and resulted in a rent reduction in memory care and assisted-living units by $600 a month.
"We think it's an outstanding opportunity and model for the future," said John Mehrkens, vice president of project development for Presbyterian Homes. "The fact that we combined the tools of the different organizations to offer a more affordable assisted-living format has not been done before."
The Community Development Agency has focused on providing affordable housing for seniors who can live independently. But it has been looking ahead to when those residents will need assisted living and studying how to make that more affordable as well, said Mark Ulfers, executive director of the development agency.
The county sees Valley Ridge as "a pilot project to see what we can do using our tools and resources to make assisted living more affordable."
In another first, Presbyterian Homes is managing the building for the development agency.