Classic Residence by Hyatt Suspends Development Plans for Turtle Creek Project
Chicago, IL -
June 20, 2008
Classic Residence by Hyatt, the national leader in luxury living
for older adults, today announced the company is suspending its
plans to bring the first continuing care retirement community
(CCRC) of its kind to the Turtle Creek area of Dallas. The company
currently intends to retain the 6.5 acre property at 3000 Turtle
Creek Blvd. in anticipation of resuming efforts to build a CCRC on
the site at a future date.
The company's decision to suspend its development plans is in
response to the current economic climate and state of the housing
market. Due to these external market conditions, Classic Residence
by Hyatt has not received the response required to move forward
with its development plans at this time despite promising demand
for the CCRC product.
"We are disappointed to announce we are suspending our development
plans at this time. However, we are confident that we will
ultimately be successful in this market and that older adults in
Dallas will recognize that the retirement community options
currently offered in the marketplace do not compare to the Classic
Residence by Hyatt brand and product offering," said Randal J.
Richardson, president, Classic Residence by Hyatt.
Classic Residence by Hyatt is committed to developing luxury
senior living communities, with high quality services and
amenities, in major metropolitan areas from coast to coast. The
company has been dedicated to this effort for more than 20 years.
Development and expansion projects are currently underway in
Highlands Ranch, Colo.; La Jolla, Calif; and Scottsdale,
Ariz.
About Classic Residence by Hyatt
Classic Residence by Hyatt is a national leader in senior living
that develops, owns and operates communities for older adults in
Scottsdale, Ariz.; Monterey, Calif. (owned by Pacifica Companies
and managed by Classic Residence by Hyatt); Palo Alto, Calif.; San
Diego, Calif.; Highlands Ranch, Colo.; Aventura, Fla.; Boca Raton,
Fla.; Hollywood, Fla.; Lantana, Fla.; Naples, Fla.; Plantation,
Fla.; Pompano Beach, Fla.; Glenview, Ill.; Chevy Chase, Md.; Reno,
Nev.; Teaneck, N.J.; Yonkers, N.Y.; Hilton Head Island, S.C.; and
Dallas, Texas. Classic Residence by Hyatt's newest continuing care
retirement community is under development in Scottsdale, Ariz. A
major expansion has just been completed in San Diego, Calif.
Classic Residence by Hyatt communities have earned honors for being
among the nation's finest, including Platinum, Gold, and Silver
Achievement Awards from the National Association of Home Builders
50+ Housing Council. The company's Web site is at http://www.viliving.com.
Classic Residence by Hyatt is a privately held company and is
independent from Hyatt Hotels and Resorts.
