Expansion to add Towne Centre to enhance resident lifestyle, plus new Park Terrace residences for assisted living and memory care
WATERTOWN: Marquardt Village began a master plan for redevelopment and expansion of its retirement community campus two years ago, last fall completing a first phase that included renovations to existing independent living apartment buildings. For a second phase of new construction scheduled to start this spring, financing has been secured through First Midwest Bank, with tax-exempt bond financing facilitated by Wisconsin Health & Educational Facilities Authority (WHEFA).
Plans for this new construction phase include a Towne Center to enhance the lifestyle for residents and their guests with the addition of restaurant-style dining, gathering and entertaining spaces, salon and spa, relocated chapel, and other amenities. In addition, a new 44-unit residential care center for assisted living and memory care to be called Park Terrace will be constructed. This construction phase is financed at $22,088,000 and anticipated to create 67 construction jobs, as well as add at least 18 permanent jobs to Marquardt Village, which currently employs more than 200.
"We are excited to be moving forward with this expansion, which will bring new lifestyle amenities and services to our residents and a new care center to facilitate providing the latest advancements in assisted living and memory care," said Matthew Mauthe, Chief Executive Officer. "Financing through private placement with First Midwest Bank and at very favorable terms lets us move forward with plans to improve our campus for current and future residents, while also assuring that Marquardt Village will maintain its strong financial standing."
Later this month, site preparation will begin with the relocation of utilities. Construction is scheduled to begin April 1, with completion projected in summer 2016. Altius Building Company of Milwaukee is the general contractor.
Marquardt Village is a retirement community located in Watertown, offering apartments and garden homes for independent living and residential health services including assisted living, memory care, short-term rehabilitation, skilled nursing and long-term care. Through Marquardt at Home, the community also brings medical home health and hospice care to an eight-county region of southeast Wisconsin. Marquardt Village is a faith-based, non-profit organization sponsored by the Western District of the Moravian Church and open to all.