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A $22 million senior retirement community launched this week will help fill a growing need for long-term-care services for Hawaii's aging population.
It's the first of what may be many projects for a development team that thinks it has found the right mix of affordability, market demand and federal backing for long-term-care projects.
The 94,000-square-foot senior retirement residence at 918 Lunalilo St. will offer assisted-living services, memory care and independent-living units.
"We're under construction right now," said Mike Wood, principal owner and partner of MW Group Ltd., local developer of the project. "It's to everybody's best interest us to move as fast as we can because there's such a demand in the marketplace." The Plaza at Punchbowl, a 108-unit senior living community anticipated to open in November 2003, received federally guaranteed financing through the U.S. Department of Housing and Urban Development, which helps hospitals and healthcare developers get affordable loans for capital projects.
Groundbreaking for the facility was Wednesday.
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