New west-side senior cooperative begins offering member shares

Aug. 21, 2019

A new 48-unit senior-living complex has taken the first steps toward building.

ParkPlace Village has started the process of selling member shares and will hold its first information session Tuesday.

Co-developers Mark Mickelson and Gale Svennes are planning the cooperative near Kuehn Park and Roosevelt High School.

“We’ve had very positive response, and we haven’t even started really marketing yet,” said Keri Weems, who leads sales and marketing.

The senior-housing community is designed for maintenance-free independent living for members 62 and older.

The hope is to break ground a year from now and be ready for residents 12 to 18 months later.

As a cooperative, residents will purchase a share in the member-owned and member-run community as well as pay an annual fee. Shares range from $87,000 to $170,000, depending on if the unit has one, two or three bedrooms.

“People will place a $500 refundable deposit that will secure their unit, and then as we get closer we’ll be in communication and they will put down some earnest money and then the full purchase price,” Weems said.

Shared amenities will include a fitness center, fireside lounge, club room, library, coffee shop, woodworking shop and underground parking.

“It also includes lawn care and snow removal and maintenance and everything, so all they need to worry about is what they bring into their unit,” Weems said. “Most people can move into a cooperative unit and save money on their monthly expense.”

The information session will begin at 10 a.m. Aug. 27 at the Holiday Inn Express & Suites, 2501 S. Shirley Ave.

To learn more, click here. 

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New west-side senior cooperative begins offering member shares

A new 48-unit senior-living complex has taken the first steps toward building.

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