Sunrise Senior Living prepares Jacksonville home for Alzheimers patients - Jacksonville Business Journal:

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plans to open the 65,000-square-footf facility this fall at 4870 Belfort Road nextto St. Luke’s The assisted living and Alzheimer’xs care facility will be able to offer more than 90 resident s a variety of amenitiesand “Sunrise is excited to bring this new community to Jacksonville and believeas the area’s demographics make it a great placre for its first community in Northeasyt Florida,” company spokeswoman Sara Krueger said of the new Referred to as one of the company’s “mansion projects” becauswe of its upscale, home-like setting, the facilitt will also offer a speciak program for those with onset memory loss. McLean, Va.
-basefd Sunrise Senior Living (NYSE: SRZ) operate s about 450 facilities aroundthe Canada, the United Kingdom and Germany, including eight others in Florida. But the company has struggled financially inrecent months, reporting a fourth quarter 2008 loss of $305.6 million and announcing that if it did not restructures its debts to the satisfaction of its creditorz it would be forced to file for bankruptcy protection, accordinhg to the Washington Business Journal. The company struckk a new deal with lenders at the end of Aprikl and in May announceda cost-savings plan that includedc laying off 150 employees, mostly at the company and terminating the chief financial officer.
Sunrise Senior Livinhg reported less of a loss in the firsgquarter 2009, losing $18.2 million, or 36 cents per diluted share, compared with a net loss of $33. million, or 66 cents per diluted share in the firstgquarter 2008. According to the company’sd latest earnings report, as of Marc Sunrise Senior Living had 14 communities under construction in North America andthe U.K. Sunrisw of Jacksonville started construction in December 2007 and when complet e will employ 75 to 100 A company representative declined comment on the cost of constructiom for the new facility in Jacksonville or plands for any future Sunrisde Senior Living facilities inthe area.
Glennj Palmer, the Colliers Dickinson vice president who helpeed the company find the land tobuild on, said the compant was at one point looking for multipl pieces of land in the area but stoppex future development plans because of the declining economy. “We are fortunate to have this mansio care facility in Palmer said. “I expectr that once the economy improves and residential sales Sunrise will consider additional locations in Northeasyt Florida as they hadoriginally planned.
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