Eastmont announces suspension of Prairie Ridge development plans. New Investments in "O" Street campus announced.
Lincoln, Neb. – January 23, 2018 – After several years of extensive analysis and research to explore the opportunity to expand Eastmont’s campus with full-service Life Care at Prairie Ridge, it has recently become evident that the project as originally conceptualized is not financially feasible. Individuals and couples who had expressed interest in Prairie Ridge by Eastmont, as well as current residents and staff, were notified of the change during a series of Town Hall-style meetings today at the Eastmont campus.
“While we believe we have done everything possible to turn the concept into reality we have decided that any further development of the proposed community will be indefinitely suspended,” said Carol Ernst, Executive Director for Eastmont. “This was an incredibly difficult decision to make and one that we did not take lightly. We recognize some will be disappointed to learn of this decision but we firmly believe it is the right thing to do. Our primary focus is and always has been to serve our Eastmont residents, team members and the community at large.”
Eastmont leaders shared some of the history of the Prairie Ridge project, including the many community focus groups and feedback that were part of its research as it considered the viability of Prairie Ridge. However, due to a variety factors, which include market changes and increases in estimated construction costs, the project is no longer financially feasible.
Ernst was joined at the Town Hall meetings by Eastmont’s affiliated partner, Transforming Age, where the Bellevue, Washington-based not-for-profit CEO, Torsten Hirche, shared his continued commitment to Eastmont and its residents.
Hirche also noted his organization’s history of successfully transforming and revitalizing communities similar to Eastmont and expressed the importance of the partnership as they make plans for the future.
“We are here to support the decisions that Eastmont makes about what is right for its future,” stated Hirche. “We are in this together and are confident that the leadership team here is making the right decision that will benefit the most people and best serve the community.”
Eastmont will continue to explore strategic opportunities to expand its mission, including the property on Yankee Hill Road, and will share those decisions as they are made. In the meanwhile, any monies received by Eastmont from Prairie Ridge depositors will be refunded in full.
“As a not-for-profit with a 50-year legacy in Lincoln, we take the stewardship of our resources very seriously,” continued Ernst. “While we are reprioritizing our investment in the Prairie Ridge project we look forward to sharing updates about our plans for our O Street campus in the coming weeks and months.”
The comprehensive strategic plan for the O Street campus includes construction and enhancements to the community’s entrance and greenspaces, as well as additional common areas and amenities, upgraded parking options, and more independent living apartment homes.
Founded in 1965, Eastmont is a faith based, comprehensive senior lifestyle community which offers independent living, assisted living, skilled rehabilitation, long term and end-of-life care. As a not-for-profit, Eastmont is mission driven, embodies distinct values that guide daily operations, and is committed to being the choice provider of progressive senior living services where individuals thrive in all stages of life.
About Transforming Age
Transforming Age is a leading not-for-profit organization committed to improving the lives of older adults through community housing and services, technology development, research and advocacy. Founded in 1956, the organization operates 15 communities in the Seattle and Minneapolis metropolitan areas. In addition, it runs an online advocacy forum to combat ageism and its affiliated partner, GSI Research & Consulting, provides market research, consulting, development and management services for the industry. The Transforming Age Foundation provides support for the organization through a variety of philanthropic programs aimed at improving the lives of older adults and society as a whole.