NEW PALTZ - Woodland Pond at New Paltz, a continuing-care retirement community planned for an 83-acre site off North Putt Corners Road, has yet to break ground but already has accepted deposits from 88 future residents.
The facility's sales office, at 550 state Route 299, plans a grand opening from 1-4 p.m. Monday through Friday.
Frank Mandy, a partner with New Jersey-based New Life, the company marketing and developing the property, said this sort of preselling is required by law. Under Article 46 of state Public Health Law, he said, a 70 percent presale is required to ensure the project has a high likelihood of success.
The facility will be owned by Kingston Regional Senior Living Corp., a subsidiary of the nonprofit Kingston Regional Healthcare System, the parent company of Kingston Hospital.
Since the project is funded by tax-exempt bonds, those providing the financing want also to see a high likelihood of success, Mandy said.
The development is to include 181 apartments, 16 cottages, 60 assisted-living suites - which Mandy said the state calls "enriched housing" - and 40 private nursing beds.
New Life is in the midst of the state environmental quality review process and is working on a draft environmental impact statement for the project. The village of New Paltz Planning Board, which is leading the environmental review, is expected to schedule public hearings on the plan.
Mandy said early site plans called for the development to be spread out across much of a former apple orchard that had turned to woodland since the late 1970s. But after meetings with local groups and officials, the site plan was tightened and about 50 acres now will be left undeveloped, with the exception of walking trails, Mandy said.
New Life also has had discussions with village officials about what they're calling the Millbrook Preserve, which Mandy said could include some Woodland Pond acreage.
Once the presale threshold is met, Mandy said, the remaining 30 percent of available units probably will be sold during an 18-month construction phase.
The final cost of the land, which is under option, won't be fixed until the final number of units is confirmed. The purchase will take place during the construction financing phase.
Mandy, who grew up in Highland, said his mother was the first to put down a deposit for a unit at Woodland Pond. Of depositors to date, he said, 55 percent currently live in New Paltz, another 20 percent live elsewhere in Ulster County and 96 percent live within a 15-mile radius of the development.
"Others live farther away, but their families live here, so they're moving closer to their families," Mandy said.
"It's primarily for seniors in the Mid-Hudson Valley," he said. "People use the proceeds from the sale of their home to pay the entry fee and ongoing fees for 30 meals a month, utilities, other services. I would describe it as a gracious retirement setting."
A large community center is part of the Woodland Pond planned, and outside groups are likely to use it through relationships with residents, Mandy said. Other planned amenities include dining and performance areas, game and card rooms, craft studios, a day spa, a salon and a convenience store.
Ensuring the development won't overburden area schools, Mandy said it is one of the few housing projects allowed by law to restrict occupancy to people over age 62.
New Life, based in Mount Laurel, N.J., often stays on to manage the communities it markets and constructs, and it will do so for Kingston Regional Senior Living Corp., Mandy said.
