NORTH ANDOVER — An expansion at the Edgewood Retirement Community is finally underway and will add 15 beds to a nursing facility there, 22 independent living cottages, and two apartments — increasing the capacity of the Osgood Street development by 25 percent.
Crews have begun pouring the foundations for the cottages and starting other site work. Construction is scheduled to be completed by January 2010.
The expansion has been in the works since 2004 and has survived the flagging economy.
"We're so excited every time we look out the window and see it's happening," said Executive Director Marlene Rotering. "We started this against all odds ... with a downturning real estate market and financing so difficult."
"To be very genuine with you, probably three times we thought we lost this project, but it was resurrected," she said.
Edgewood finalized plans for a low-cost financing package through MassDevelopment last month, the last step before work could start.
Edgewood Retirement Inc. will use $41 million in tax-exempt bond proceeds for the expansion, almost as much as it cost to build the original structures.
The bond proceeds also will support renovations of several historic barns on the campus, the expansion of on-site dining facilities, and other capital improvement projects.
A new cognitive impaired treatment unit also is in the works. The unit is designed to care for individuals with Alzheimer's disease or dementia, who need specialized care.
"We're just thrilled," Rotering said. "It's been a nice shot in the arm for everyone here."
Edgewood was built in 1995.
It currently has 219 independent living units and 45 skilled nursing beds for senior citizens over 62 years of age. Once construction is complete, the community will offer both apartment and cottage-style housing options, social and recreational opportunities, and an on-site health care center.
In order to get a MassDevelopment financing package, 70 percent of the units had to be pre-sold.
Edgewood paid the town a $347,163 fee last month as part of an agreement made when the campus first opened at 575 Osgood St. It has to pay the money because of a zoning bylaw that was written to allow Edgewood to be built.
The bylaw said if Edgewood wanted to expand, a certain amount of units would have to be affordable or owners of the community could give money to the town for affordable housing.
Edgewood will hand over another $347,163 payment in 24 months.
"It felt pretty good to hand that to the town, knowing it would go to affordable housing," Rotering said.
Town Manager Mark Rees said the trustees of the Affordable Housing Trust Fund will convene soon to discuss what to do with the money.
