A senior living development in the works on the former Newbury College site has been taken over by a new company, Kisco Senior Living.
Balfour Senior Living, which had been set to manage the new community once construction finishes next year, is becoming an affiliate of Kisco, according to a recent press release from the companies.
The California-based Kisco currently manages 25 senior communities across the country. The new combined company will manage 35 communities with more than 5,000 apartments.
In a letter sent to community members, Balfour’s Andrea Stewart said that the development will be rebranded as a “Kisco Signature Community” and renamed The Newbury of Brookline.
The construction schedule remains unchanged, she wrote, and the company is still planning to open the community in late summer or early fall of 2024.
“We hope to enhance the offerings already in place from Balfour’s commitment, and any changes will be communicated with you in due course,” Stewart wrote.
The plans for the 200,000 square foot community include 75 independent living apartments, 38 assisted living residences, and a 40-unit memory care unit.
According to a brochure from Balfour published earlier this year, the units were set to start at $11,747 a month for independent living, plus a one-time $40,000 entrance fee.
Holly Gaddy, a spokesperson for Kisco said in an email that there are “no changes planned at this time for material developments, resident costs or unit distribution.”
She said Kisco is “currently reviewing plans and pricing” and will share more information when it becomes available.
The real estate company Welltower purchased the property in 2019 after Newbury College closed. Welltower is working with Balfour (now Kisco) to develop the eastern part of the campus for the soon-to-be senior living facility, and the town has purchased the western portion across Fisher Hill Ave.
Town officials have not yet decided how to use the publicly-owned portion of the campus.