LRT Company Announces $65 Million Senior Housing Project in Rhode Island

LRT Company's Expansion into Rhode Island: A New Senior Housing Campus

The LRT Company has made headlines with its recent acquisition of 12.38 acres of land in Coventry, Rhode Island. This move marks an exciting development for both the firm and the local community, as it plans to build the Tiffany Laurel Reserve, a senior housing campus designed to accommodate 204 units in total. The ambitious project is expected to cost around $65 million and aims to address the growing need for senior living options in the region.

The acquisition has finally come to fruition after a lengthy three-year process to secure the necessary site approvals and entitlements, a testament to the dedication and persistence of LRT Company and its leadership. Lawrence LaBonte, the founder and CEO, expressed enthusiasm about this new venture, highlighting the importance of the project for mid- to low-market seniors who are in need of quality housing.

Set to break ground in the summer of 2025, the Tiffany Laurel Reserve promises a combination of comfort and modern amenities. It will feature 127 independent living units and 77 spaces designated for assisted living and memory care. Notably, LRT Company is committed to serving the community's needs by reserving approximately 25% of the independent living units for low-income seniors. This initiative reflects the company's mission to ensure that affordable housing options are available for those who need them most.

Covering a substantial 157,000 square feet, the campus will not only provide living accommodations but will also include 56 structured parking slots to accommodate residents and visitors conveniently. The location off the New London Turnpike positions the senior housing project strategically, allowing easy access to major highways and facilitating connectivity to other parts of the state.

Coventry, the town chosen for this development, boasts a population of nearly 36,000 residents, according to the U.S. Census Bureau. With a median household income of around $99,177, it is a growing community facing increasing demand for senior living solutions. A recent report from Rhode Island's Long Term Care Coordinating Council indicated that there are approximately 38,000 adults over the age of 65 living with disabilities in the state, underlining the critical need for accessible and supportive housing options for seniors.

LRT Company has distinguished itself as a key player in the real estate development sector, focusing primarily on multifamily and senior housing projects. Its portfolio currently includes more than $156 million in development projects, with an eye toward future expansions in South Carolina and Florida. Founded in 2019, LRT Company has already made significant waves in the industry, with LaBonte bringing over 35 years of valuable commercial real estate experience to the table.

This venture is not just about creating housing; it's about enhancing the quality of life for seniors in Rhode Island. LaBonte's statement reflects the company's forward-thinking approach, “We are thankful to the city and state for working with us to earn entitlements for the project and glad to be a part of the solution of limited housing supply available to mid- to low-market seniors.” As they prepare to embark on this exciting journey, local officials and residents alike are eager to see the positive impact the Tiffany Laurel Reserve will have on the community.

For those interested in learning more about the LRT Company and their ongoing projects, additional information can be found on their website. Overall, this expansion into Rhode Island signifies a vital step towards improving senior living options in the area, ensuring that the needs of the community are met with compassion and care.