Home News Greeley’s Bonell Community sells for $23.5M, to be renovated into apartments – BizWest

Greeley’s Bonell Community sells for $23.5M, to be renovated into apartments – BizWest

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Greeley — The Bonnell community of the Good Sumaritan Society in Greeley will be sold to Boulder-based developers for $ 23.5 million before being converted into an apartment complex.

Warm Springs Realty Holdings LLC, closed on April 29, has 16 acres of 16 former senior living facilities. City line station.

The complex is located on 70422nd St., right next to 8th Avenue.

“The history of the Bonnell campus is rich and profound, rooted in the legacy of supporting and serving the community as a gateway to downtown Greeley,” said Jake Darling, President and Chief Executive Officer of Warm Springs. Said in a prepared statement. “‘Unique’ is a cliché, but it’s a real opportunity. The acquisition of the Bonnell Campus revisits the beloved part of Greeley’s history and works with the great organization of the Good Sumaritan Society. We will work with the City of Greeley to provide a unique opportunity to create a campus with the potential for Greeley’s support and service. Population with completely different uses of the property. “

Campus is part of Greeley Over 85 years, It accommodates 160 elderly people with long-term care facilities, life support facilities, and rehabilitation facilities. In January, the Evangelical Lutheran Good Samaritan Association announced that it would close the facility due to the COVID-19 pandemic, staffing challenges, and declining occupancy.

Warm Springs will be refurbishing in two stages, according to a news release announcing the acquisition. The first phase begins shortly with the renovation of 175 homes. This is expected to be completed in early 2023. In the second phase, the long-term care facility and rehabilitation facility will be renovated and will be completed by the spring of 2024.

The Cityline Station is another in a series of redevelopment and refurbishment projects along Greeley’s Ace Avenue Corridor. This includes South Maddy Apartments along Ace Avenue 1500 and 1600 blocks, Maddy 55+ Resorts and 1320 Ace Natural Grocers.Avenue

Warm Springs representatives have not responded to requests for comment.

This article was first published by the independent news organization BizWest and is licensed under license. © 2022 BizWestMedia LLC.




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