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High Acres at Seneca Lake Senior Community Project Suspended

The Geneva General Hospital Board of Trustees voted to suspend the High Acres at Seneca Lake senior living community project, indefinitely. This decision was based on sales-to-date and the necessary pre-construction sales goals. The board was sensitive to the impact that the slow pre-sales were having on the timeline, and resulting impact for depositors. The board sought to make a decision in the best interest of depositors.

The project was initiated in response to community members’ requests for a housing option of this type in Geneva. “The feasibility study that was conducted and concluded, prior to the economic recession, initially demonstrated that the project would be feasible. Unfortunately, due to the recession, we haven’t been able to meet the sales goals as expected. With the continued weak economy, it doesn’t appear that this will change any time soon,” stated Lara Turbide, Vice President of Community Services.

Since the launch of the project, several factors hindered the project’s development and timeline, which ultimately led to the board’s decision. First and foremost, the current local, state and national economic conditions no longer support successful implementation of the project. Second, the number of regulatory and governmental processes and approvals impacted the timeframes at each stage of the project. The extended timeframes in turn, further impacted the economic feasibility with every project delay.

“We appreciate the community support of the project and wish the initiative could have proceeded as intended,” said Turbide. As this project was financially risk-free for depositors, they will be refunded 100% of their deposit plus interest as per the agreed upon terms.

The Geneva General Hospital Board of Trustees remains in conceptual support of such senior communities and will re-evaluate options in the future.

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