Will include 54 one-and-two bedroom affordable living senior apartments
LEXINGTON, Ky. (June 30, 2014) — The Trent Boulevard property in Lexington’s River Hills neighborhood owned by the Bluegrass Area Development District has been sold to the Episcopal Retirement Homes (ERH) of Cincinnati, the ADD’s executive director David Duttlinger announced.
The property at the center of a controversy over a prison-to-work re-entry program undertaken by BGADD’s former executive director was sold for $800,000 and will become Trent Senior Village. It will include 54 one-and-two bedroom affordable living senior apartments.
Silvestri-Craig Realtors of Lexington handled the sale.
BGADD had five interested buyers for the property and chose Episcopal Retirement Homes because it met the neighborhood association’s criteria. The BGADD board was insistent that the neighborhood be satisfied.
“We worked with the neighborhood association to determine their interests and the best uses of the property,” said Craig McAnelly, assistant director, Industrial and Business Development for BGADD. “We have delivered exactly what the neighborhood wanted. This is a win-win for everybody.”
ERH signed an option on the property in January, secured by a $10,000 deposit and contingent on receiving Kentucky Housing tax credits, which have been approved. Of the $800,000, BGADD has made a deposit to its investment accounts today of a total of $751,166 after all fees were paid.
“They are planning an amazing facility,” said McAnelly. “And they are great neighbors. Their reputation is that they don’t go anywhere they aren’t wanted and that they help improve every community they’re in. ERH is known for high standards and added services for residents.”
“If we don’t have the support of our neighbors, we don’t think it will be a good fit and we move on,” says Jay Kittenbrink, Director of Development for Affordable Living by Episcopal Retirement Homes, said in an earlier press release. “The River Hills neighborhood and the city of Lexington were supportive from the start and we have a real sense of partnership and feel that we all want to do the right thing for the community.”
Based in Cincinnati for over 60 years, Episcopal Retirement Homes owns or manages 121 senior living communities; two premier communities, and ten affordable living communities for limited-income seniors.
The controversial Steppin’ to the Beat re-entry program for which BGADD originally purchased the property led to the board’s investigation into questionable actions by its former executive director – and to the board’s invitation to the state auditor to examine the organization’s books. The audit subsequently led to Lenny Stolz’ forced resignation and findings that required other corrective actions.
“We are pleased that the sale of the Trent Boulevard property has been completed, to everyone’s satisfaction,” said David Duttlinger, BGADD’s new executive director. “This is one important step – of many that are in process – toward the corrective actions required to restore the confidence and integrity of the ADD. That is something we are determined to do.”