RiverSpring Living, a nonprofit organisation providing a range of services for older adults across independent living, assisted living, skilled nursing, rehabilitation, and home care, has broken ground on River’s Edge, a new senior living development on the Hudson River waterfront in Riverdale, New York City.
New York City’s first life plan community, the project combines residential living with long-term care services on a single campus. Located on a 32-acre site along the Hudson River, the continuing care retirement community (CCRC) is located at a short distance from Manhattan and is intended for adults aged 62 and older.
RiverSpring Living, which has operated for more than a century and is anchored by the Hebrew Home at Riverdale, has historically focused on ageing services across clinical and residential settings in the region.
Life plan model enters New York City’s residential landscape
River’s Edge will bring independent living residences together with access to a continuum of care, allowing residents to transition between different levels of support within the same community. The project is structured around what is known as a life plan community model, which integrates housing with healthcare services and long-term care planning.
The project will include apartment-style residences alongside shared amenities designed to support wellness and daily living, such as a fitness centre, Pilates studio, pickleball and tennis courts, and an indoor salt-water swimming pool with sauna facilities.
The project also includes an on-site wellness concierge service, which will be staffed by doctors from NewYork-Presbyterian.
Development and financing
The project team includes architecture firm Perkins Eastman, Consigli Construction, a construction management and general contracting firm, and Integrated Development II, a development consultancy focused on senior living and healthcare projects.
Financing was raised through a tax-exempt bond transaction arranged with participation from Ziegler, a specialty investment bank, and HJ Sims, a firm active in senior living finance. The financing package totals $632.9m, one of the biggest of its kind in the sector.
Occupancy for River’s Edge is expected in December 2028.
*Images: ©RiverSpring Living*