LRT Company, a Bluffton, South Carolina-headquartered development firm, has expanded into Rhode Island with its acquisition of 12.38 acres in the Providence suburb of Coventry, where it plans to develop Tiffany Laurel Reserve, a 204-unit senior housing campus.
The company has budgeted $65 million for the project, which will be located off the New London Turnpike. The 157,000-square-foot Tiffany Laurel Reserve will include 127 independent living units and 77 assisted living and memory care units; approximately 25 percent of the independent living units will be reserved for low-income seniors.
Groundbreaking on the project is expected to occur next summer.
“LRT Company is excited to expand into Rhode Island with our new senior housing project, which has been over three years in the making,” said Lawrence LaBonte, founder and CEO officer of LRT Company. “We are thankful to the city and state for working with us to earn entitlements for the project, and glad to be a part of the solution of limited housing supply available to mid- to low-market seniors. This is a large campus project that will have the high-end LRT Company amenities and units we plan for. It is well-located off the New London Turnpike, which serves as a connection to major highways in the surrounding area. We look forward to breaking ground in the not-too-distant future.”
Photo: Taber Andrew Bain / Flickr Creative Commons
