The ground has broken, and construction has begun on Wallick's eighth senior living community, The Ashford of Grove City. However, what's unique is that it's in an Opportunity Zone.
Wallick chose to build The Ashford of Grove City within one of Central Ohio's 39 designated Opportunity Zones. Established by Congress in the Tax Cuts and Jobs Act of 2017, Opportunity Zones is a new community development program that encourages new, long-term investments in property or businesses in specific areas across the nation through federal tax incentives for investors.
Given that The Ashford of Grove City landed in an Opportunity Zone, Wallick decided to raise capital from outside investors that would qualify for these tax benefits. The effort was successful as Wallick raised $2.5 million, which accounted for most of the equity in this $29 million project.
The Ashford of Grove City will be a three-story, 102,000 sf state-of-art community, with 100 assisted living and 50 memory care beds. The Ashford, like its sister communities located in Hilliard (Columbus), OH, Whitehall (Columbus), OH and Mt. Washington (Cincinnati), OH, will provide great care to its residents at an affordable price.
Why it matters
As Grove City grows, The Ashford will provide middle-income and working-class seniors with high quality assisted living and memory care services.
As one of the early adopters to take advantage of Opportunity Zones, Wallick plans to continue to grow its senior living footprint. However, company growth comes second to Wallick — caring for residents is first!
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