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Rose of Waterloo Prepares for Grand Opening
WATERLOO, IA (November 28, 2007) - Four months after being ravaged by a fire, the Rose of Waterloo is nearly in full bloom.
The affordable assisted living facility located near the intersection of Oak Avenue and Franklin Street was originally slated to open its doors in August. However, an accidental fire in march nearly destroyed all of the progress that had been made to that point.
The Rose of Waterloo survived, though, and is scheduled to open after just a four-month delay. Incredibly, James & Associates, the general contractor, was able to immediately procure an enormous task force in the rebuilding process and put the project back on track.
"It's really a miracle we are scheduled to complete this project by the third week of december," said Candace McClenahan, co-developer and marketing-community liaison for Rose affordable assisted living communities. She said increases in the size of construction crews working on the facility helped.
The original eight framers grew to 25 in an effort to complete the project by year's end.
On Tuesday afternoon, McClenahan and other members of the rose staff gave tours of the nearly-completed facility to the public. There was no furniture, and construction workers were still putting the finishing touches on the facility, but it was clear the project was worth the wait.
According to McClenahan's brother, investor Greg McClenahan, the project was originally slated to cost approximately the same as the other two rose communities in ames and des moines at $8 million, with approximately $7 million being provided by tax credits from the state. However, the fire did $2.5 million worth of damage. The majority of that cost was covered by insurance.
The total cost of the project ended up at approximately $10.5 million, but only about $1 million was financed by investors. According to Candace McClenahan, the relatively low overhead of the facility is what makes the rose the only affordable, assisted living community in the cedar valley.
"Iowa is way ahead of the curve when it comes to financing projects like this," said McClenahan. "Our mortgage is very low, and that translates directly to low rental costs for our residents."
The Rose of Waterloo is the biggest of the three rose facilities with 64 units. Sixty of those units are single-bedroom and four are doubles. There are a plethora of floor plans, but the cost of all are the same, based strictly on the income of the occupant.
Moderate or low income seniors are eligible to live at the Rose. Anyone interested should contact the staff at (319) 232-6061 to see if they are eligible.
Only applicants who meet the elderly waiver criteria -- individuals who qualify for nursing home care but do not need it -- will be eligible to occupy the building in the first 60 days. Afterwards, it is open to anyone who meets the rose's other requirements.
"After those first 60 days, there will be lots of moving trucks pulling up," said Candace McClenahan, who noted that 10 or 12 individuals who meet the elderly waiver had already applied, and about 24 others have applied, as well. The waiting list at the des moines facility is over 100 people, she said.
One of the things the Rose stresses is varying levels of service based on each individual's needs. The basic care starts at $100 per month and includes a required emergency response pendant. Lutheran services is subcontracted to help provide other care as needed. From there, residents can add services like cable television, telephone and dinner plans. other utilities are included in the rental price.
Other key features of the three-story, 71,000 square-foot facility include a sit-down service dining area, a 50-seat theater and chapel room, a computer room, a library and a large community room, which Candace McClenahan said "can probably hold a bigger family reunion than the last one you had at your house." A porch with an art-water wall should be completed by spring.
Executive Director Angela Adam said the Rose will likely host an open house in January to show off the finished product to prospective residents. However, with over 200 people touring the facility, it could very well be near capacity by the time the elderly waiver period ends in mid-February.
Rents range from $432 to $540 per month, but state and federally funded financial assistance for rent and assisted living services may be available for eligible applicants. According to a handout from the tour, the gross annual income limits are $20,150 for one person and $23,050 for two people.
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