Morrisville considered for senior housing

It would be one of four statewide complexes built through Vermont’s EB-5 Visa Program. The program seeks out foreigners willing to invest $500,000 in an economic development project expected to create at least 10 jobs. In return, the investors receive permanent residency green cards for themselves, their spouses, and their minor children.

Dreamlife Retirement Resorts, a Florida-based, EB-5 visa facilitator company, is heading up the project and recently signed up 25 Vietnamese investors.

The company wants to make sure it has enough investors in place before approaching the landowner with an offer, said Todd Thomas, Morristown’s planning, zoning and health officer.

“Both parties are amenable dance partners” and should be able to negotiate a price, Thomas said.

Current town zoning rules would allow the project, which would consist of a $24 million, L-shaped building with possible underground parking.

Dreamlife prefers building sites that are within a walkable distance of amenities such as restaurants, shopping, and a movie theater. Town officials believe Morrisville will stand out from other towns under consideration including Newport and Rutland.

“The housing units would be on the edge of a picturesque park, at the bottom of a dead-end street, and next to the rail trail,” Thomas said.

The Vermont Economic Development EB-5 office has approved the project, but if selected, the Morrisville site would still have to go through the state’s environmental permitting process and a local zoning review.

Construction probably wouldn’t start until 2014 at the earliest.

“I’d like to see them break ground next summer, but I’m not sure that’s possible given the number of state zoning approvals needed,” Thomas said.

Thomas predicts the complex would have a positive impact on downtown Morrisville and attract other similar projects.

“I think we’ll see other people who want to do projects like this to tie into what the town has to offer,” Thomas said. “Other parties see a large opening for age-restricted housing. Multiple developers have said there’s a real need and demand for it.”

Town officials should know within a few months whether or not Morrisville has been selected as a site, according to Thomas.

The timeline could be pushed back, however, if it takes longer than expected to line up the necessary investors, he said.

The complex is expected to create a number of jobs. In addition to employees who will provide care to assisted-living residents, there will be onsite businesses, including a daycare center for children of workers.