Lincoln senior-living development delayed

LINCOLN – The Highlands at Lincoln, a $50 million, 172,000-square-foot senior-living community that had been set to open in 2011, has shuttered its sales office until the economy improves.
The office, in the Lincoln Mall, closed on May 20, according to the developer. Pennsylvania-based Royal Star Properties LLC did not say how many of the development’s 106 apartments and 50 assisted-living units have been sold pre-construction.
“We feel good about the community we envision. At a recent marketing even, it was well-attended and well-received,” Royal Star President Anthony J. Mullen said in a statement. “Yet we have also come to appreciate that our prospective residents are carefully weighing the timing of a move. Like many people, they know the economy will improve – it is just a matter of when. They want to see a little more health in residential sales and the economy before moving forward with their plans. We have to respect that.”
Kassie Barnes, an executive with National Electrical Benefit Fund, one of the project’s investors, said in a statement that to move into the development, seniors will have to pay a one-time fee and monthly-service fees. “Most of our prospective residents would be paying their entrance fees using the funds from the sale of their homes,” she said. “Ours is a practical decision to wait until home values have stabilized and people can sell at prices that make sense to [them].”