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Wesley retirement village thriving at stalled Regency development

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A Regency Cos. planned community is at a standstill, but the retirement village within it is alive and well.

Edgewater is a Wesley Retirement Services active retirement community within the 340-acre Michael’s Landing project that had stood as one of Regency’s premier developments before its residential and land development divisions halted operations due to financial difficulties.

Wesley President and CEO Rob Kretzinger said the $88 million Edgewater project should be completed in June 2009. Edgewater is geared toward people age 55 and older who want to maintain an active and engaged lifestyle.

The project includes 151 apartments, 45 assisted living units, and four nursing care buildings that will house 10 people each. All but 30 of the independent living apartment units have been booked, Kretzinger said.

In addition, the project includes a performing arts center, a pub and bistro, fitness center, business center, library, day spa and restaurant-style dining.

“We selected (the Michael’s Landing area) based primarily on the quality of the land, its location, but also because the city of West Des Moines was going to think through and really work with this project,” Kretzinger said.

Minneapolis-based Kraus-Anderson Construction Co. is the construction manager for Edgewater.

Regency provided the initial land development, including building streets and running water and sewer lines north from Booneville Road to the development, which is at the southwest corner of 88th Street and Mills Civic Parkway.

“Not having the Regency piece develop so rapidly treats us pretty fairly,” Kretzinger said. “We like the vistas and views.”

Michael’s Landing was envisioned as a self-contained community with entry-level and custom homes, townhouses, condominiums, commercial and office buildings. Though some lots have been sold and developed, much of the project is open land etched with paved streets.

However, Kretzinger and other developers have commented on the quality of the development and have speculated that it eventually will be taken over by other investors.

“I think the lenders that wind up with that will find a very good line of people willing to develop it,” Kretzinger said.

Michael’s Landing is due south of Pavilion Park, a 270-acre parcel that Regency and other investors planned as an office park.

William Spencer, former president of Regency Land Development, recently took over the company’s financial interest in the Pavilion Park project and is attempting to have some of the land rezoned for residential and retail commercial development.