Classic Residence by Hyatt Withdraws Development Plans for Briarcliff Manor Project
CHICAGO, IL, AUGUST 18, 2006Classic Residence by Hyatt, a national leader in luxury senior living, today announced the company is withdrawing its development plans to build a continuing care retirement community (CCRC) in Briarcliff Manor, New York. Classic Residence by Hyatt in Briarcliff Manor, planned for development on the historic King’s College property in Westchester County, would have provided residents in the tri-state area a location, services, amenities and peace of mind without parallel. It also would have been the first for-profit life care community in the state of New York.
The company’s decision to withdraw its development plans was in response to dramatically escalating construction costs in New York that could not be mitigated despite promising demand for the CCRC product. “We are deeply disappointed to announce we are withdrawing our development plans for Briarcliff Manor,” said Randal J. Richardson, president, Classic Residence by Hyatt.
Classic Residence by Hyatt is committed to developing luxury senior living communities, with superior quality services and amenities, in premier locations from coast to coast. The company has been dedicated to this effort for nearly 20 years. Development and expansion projects are currently underway in Highlands Ranch, Colo.; La Jolla, Calif; Scottsdale, Ariz. and Dallas, Texas.
About Classic Residence by Hyatt
Classic Residence by Hyatt is a national leader in luxury living for older adults that currently develops, owns, and operates upscale senior living communities 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 toll-free corporate number is 1-800-421-1442, and the company’s Web site is at http://www.hyattclassic.com/.
Classic Residence by Hyatt is a privately held company and is completely independent from Hyatt Corporation and other Pritzker-owned entities.
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