The facility is slated to be located on a 10.2-acre land on the east side of Marina Gateway Drive between E. Prater and Lincoln ways. The six-month ENA would have expired Monday had the council not awarded an extension. The new agreement is valid until September 23.
According to city documents, AED Investments requested the extension to allow for more time to complete an analysis on the feasibility of the project, a market analysis and availability of project financing, prepare a development proposal and negotiate the proposal with the City of Sparks. A provision of the agreement states that the market analysis must be completed by May 10 or AED Investments will face termination of the extension.
City Planner Armando Ornelas said he expects the remaining pieces of the analysis will be completed ahead of the six-month expiration date.
"There have been others who expressed interest in the land, but not very recently," Ornelas told the City Council. "There won't be an extension after this one. We will know something before this one runs out."
Phase One of AED Investments' proposed senior care facility will construct about 150 beds to provide independent living, assisted living and memory care at a projected cost of $160,000 per bed. Phase Two will add more than 80 beds and provide a combination of behavioral care, skilled nursing care and transitional rehabilitation costing about $190,000 per unit. The company has also planned a "very preliminary" Phase Three that will allow for expansion of the facility if needed.
AED Investments estimates the total cost of Phases One and Two will equal $40.8 million and Phase Three an additional $12 million, according to the city's report. The project would also produce construction jobs and permanent, full-time jobs at the facility.