Silver market: League City continues to be a hot market for retirement communities. The Woodlands-based Methodist Retirement Communities reports it has secured $7.6 million in bond anticipation notes as initial, temporary financing for the construction of a League City continuing-care retirement community.
The nonprofit Methodist Retirement Communities last year purchased an 18.81 acre site at the corner of FM 518 and FM 270 in League City for the proposed community called The Crossings.
Ron Jennette, president and CEO of Methodist Retirement Communities, said the funding allows the organization to begin pre-marketing efforts and to move forward with the architectural renderings, interior designs and other development activities for The Crossings.
The development is slated to include 108 independent/residential apartment homes, 36 assisted living apartments, 24 memory support suites, 20 short-term rehabilitation units and 28 skilled nursing units for long-term care. Irving-based developer Greystone Communities, architect firm Perkins + Will, general contractor Weis Builders and interior designer Faulkner Design Group will participate in the project.
Look for construction to begin by the end of next year. Upon completion, the community will create about 150 jobs, Jennette said. For information about Methodist Retirement Communities, visit www.mrcaff.org.
Meanwhile, McFarlin Group and Stroud Development, both Dallas-based companies, are codeveloping Orchard Park at Victory Lakes. Under way at 2770 W. Walker St., Orchard Park will serve 60 assisted living residents. In a separate, secure wing, it will serve another 40 patients in need of Alzheimer’s and dementia care.
Finally, Mariposa Apartments, a multifamily complex developer, is building the 176-unit Mariposa Apartment Homes on FM 517 east of Calder Road in Bay Colony. The development is for low- to moderate-income adults 55 and older.
Spicy dish: Raise your margarita glasses in a toast to owners of League City’s popular San Lorenzo Mexican Restaurant and Cantina, 3202 Marina Bay Drive. Dionicio Perez, who with his brother Hector launched the eatery, confirms plans for a second San Lorenzo in the space previously occupied by Campo Azul Mexican Restaurant, 2441 FM 646. (No word on the reason for Campo Azul’s departure).
Perez is working to secure a liquor license for the second San Lorenzo eatery, which is expected to open in about a month, he said.
San Lorenzo is known for Mexican and Tex-Mex fare and margaritas. The brothers in the early 1980s migrated from Guanajuato, Mexico, to Houston in pursuit of a better future for themselves and their family, according to the company’s history.
After arriving in Houston, the brothers immediately began working in the restaurant industry; Dionicio as a line cook and Hector as a busboy and waiter. The brothers learned the ins and outs of running a restaurant, worked hard, saved their money and opened San Lorenzo’s in League City in March 2001. Highly successful, the brothers moved the eatery just two blocks away to the current League City location, doubling the size of the restaurant.
“We’re trying to grow,” Dionicio said. Stay tuned.
Cheers: Ever want to go to a bar where everybody knows your name? In more buzz deserving of toasts, island natives Brian and Kristen Lepo, partnering with Steve and Theresa Everts, have opened Island Pier Club, 1702 Ave. O, in the spot most recently occupied by Street Talk Tavern. The Lepos and Everts hope to make Island Pier Club a quaint neighborhood hangout. There’s a full-service bar and happy hours. Steve Everts’ grandfather, Byron, first opened the Pier Grill and Lounge at the same spot in 1945. The Lepos also own The Albatross, 815 21st St. For information about Island Pier Club, call 409-443-5114. Want to talk about it? Visit Buzz Blog, galvnews.com.
On the burner: Readers are hungry for news about the proposed island Burger King, 5815 Broadway. Look for a status update in Thursday’s Biz Buzz.