SearStone Signs Agreement with Retirement Living Associates
May 4, 2010
Retirement Community on Track to Break Ground in September
CARY, N.C. (May 3, 2010) – Bill Sears, founder of the SearStone continuing care retirement community (CCRC), has announced an agreement with Retirement Living Associates, Inc. (R.L.A.) to provide management, training and staffing services for the community. R.L.A. is a well-respected developer and manager of retirement communities throughout North Carolina, including Springmoor in Raleigh, Legacy at Mills River in Hendersonville, and Springshire in Greenville.
Sears made the announcement to a gathering of future residents during a special reception April 27 at the Prestonwood Country Club in Cary. “This is a very exciting time for SearStone,” he said. “Our retail component is coming together, with a CVS pharmacy already open and several banks, a restaurant and hotel in the works. With the recent surge of depositors, we are ready to file with the North Carolina Medical Care Commission and are on track to break ground for our residential units in September.”
Upon approval from the Medical Care Commission, SearStone will be able to issue tax-free bonds to help finance construction. Searstone and its development partner, Greenbrier Development, have secured the services of Dixon Hughes to conduct a feasibility study and Herbert J. Sims & Co. to oversee bond financing for the community. If all goes according to plan and groundbreaking occurs this fall, it is anticipated that the first residents will be able to move into SearStone in spring of 2012.
David Ammons, owner and principal of R.L.A., said, “Our biggest capital is our reputation, and I am proud to enter into this agreement with Bill Sears and SearStone. I have great respect for our seniors and I want them to be able to enjoy their retirement without any cares as our staff provides them with excellent service.”
For more information about the SearStone community, visit www.searstone.com or call (919) 466-9366. For information on Retirement Living Associates, visit www.rlainc.com or call (919) 783-0044. For information on Greenbrier Development, visit www.GreenbrierDevelopment.com.
