What’s been referred to in the media as the "One57 of assisted living facilities," is now moving forward. The city granted the developers permits to demolish the vacant TGI Friday’s at 677 Lexington Avenue, where this new, luxury senior housing building will rise, DNAinfo reports.
The project is a collaboration between healthcare provider Welltower and developer Hines, and together they’re planning a 15-story building, which also encompasses an adjacent site at 681 Lexington Avenue. Though the costs will vary depending on the needs of each of the residents, the price for food, room, and medical expenses could run as high as $20,000 per month here.
The building will come with plenty of communal spaces, and landscaped outdoor garden terraces. Plans call for a retail base, community facilities on the second floor, and residences above that.
The project came about after Hines and Welltower purchased the properties for a combined total of $115 million earlier this year. A rendering for the building, which will have floor to ceiling windows, appeared last month, and now the project is ready to move forward.