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Months after Tryko Partners bought The Watermark, a 24-story independent senior living building in Philadelphia's Logan Square neighborhood, the new owner is carrying out a $25 million renovation of the property.
Tryko acquired the 420,200-square-foot building for $55.6 million from Chicago-headquartered Ventas (NYSE: VTR) last October and rebranded it to Fountain View at Logan Square. Now, the first phase of renovations is underway, including an updated lobby and a dining room two weeks from completion.
“The ultimate goal is to afford our residents luxurious amenities with an emphasis on wellness while also providing access to various entertainment options all within the heart of Philadelphia,” said Lauren Everett, Marquis Health Consulting’s vice president of senior living services. Marquis is assisting Brick, New Jersey-based Tryko in the redevelopment.
Fountain View is located at 2 Franklin Town Blvd. on the northeast corner of 18th and Wood streets in close proximity to several museums. It was built in 1984 and Ventas bought the building in 2015 for $65.3 million.
The Fountain View at Logan Square is a continuing care retirement community, meaning it offers independent living, personal care, memory care, short-term rehabilitation and long-term care to allow residents to age in place. The building has 262 independent living apartments, 91 personal care apartments and 109 beds for skilled nursing care. The minimum age for residents is 62.
The full renovation project is planned to take three years to complete. The first phase features top-to-bottom updates in each corridor, including apartment numbers, art work and furniture. The main lobby received a “temporary refresh,” Everett said, with new flooring and painted walls, a new receptionist desk and new lighting before a full renovation is completed later.
“It’s a modern, sleek look,” Everett said.
The rest of the first phase includes renovations in vacant apartments with quartz countertops, new flooring, fresh paint and new bathroom tile. Some redone units have washer and dryers inside and walk-in showers.
The second phase depends on permitting and approvals because some areas will require demolition. Also planned is a café becoming a piano bar, a new auditorium, an arts and crafts room, a 24th floor lounge and a health and wellness area with a fitness center, sauna, pool, outdoor deck, juice bar and pickleball court.
“At the time of the change in ownership, the community was a bit dated. It wasn’t updated in quite some time,” Everett said. “In order to provide services and amenities to current residents and new residents we felt we needed to invest in these updates.”
Rent starts at $3,500 per month for a studio apartment, $4,850 for a one-bedroom and $6,995 for a two-bedroom. That includes access to amenities, meal service, housekeeping and maintenance.
