Seeding the Fundarising Campaign

The Leadership Committee, led by Karenthia Barber, is organizing the public phase of GEDCO's fundraising campaign for the Green House Residences at Stadium Place. We have raised $9.2 million of our $13.2 million goal, to complete construction of the building, retire the long-term debt, and build a benevolence fund and capital reserve.

The committee met last night to plan their outreach to different communities. Each person on the committee will lead the effort for a different community, such as universities, building professionals, lawyers, etc. We want to share the Green House story with as many different groups as possible. Please let us know how you will help to spread the word about the first Green House project in Maryland.

Digging the Hole

Neither rain nor sleet nor snow can slow our construction progress (we hope). Despite the icy weather the past week, excavation work has continued at Stadium Place. Since there were two stadia on this site (Memorial Stadium and a previous stadium built in 1922), we are finding debris, concrete and water pipes, as well as bottles from the Baltimore Brewing Company.

During this Super Bowl weekend, we remember the many Baltimore Colts who played in Memorial Stadium, and look forward to providing a new model of long-term care for those players who need skilled nursing care.

Surveying and Excavating

I am still pinching myself, every time I walk by the construction site. The activity is increasing each day. The sediment control is in place, as well as a larger construction fence. In addition, the site has been surveyed and excavation is proceeding. Enjoy the pictures of the construction site.

In addition, here are two gentlemen responsible for helping GEDCO with the Groundbreaking, Perry Savoy and Jack Neill. Thanks to Perry for serving on our board as Vice President of External Relations. Thanks to Jack for painting the construction logo on the Memorial Stadium Bricks.

Groundbreaking Ceremony - Green House Residences

The Groundbreaking Ceremony for THE GREEN HOUSE(R) Residences at Stadium Place was held on Friday, January 7, with the Mayor of Baltimore and other elected officials, Dr. Bill Thomas, the Father of the Green House movement, donors, lenders, Catholic Charities, Plano-Coudon, and many others. We were thrilled to be joined by original Baltimore Colts players Tom Matte and Lenny Moore. Representatives of GEDCO's member organizations laid bricks from the original Memorial Stadium to form the logo for our fundraising drive.

Thanks to everyone for all of your support.

Watch the video of Mitch Posner and Dr. Bill Thomas.

http://changingaging.org/2011/01/10/stadium-place-marylands-first-green-house-project/

Closing the Loans and Starting Construction

The financing for the Green House Residences has been finalized! We have signed all of the paperwork and the loans with Susquehanna Bank and NCB Capital Impact have been recorded. We received the inital draw from the Susquehanna Bank bridge loan yesterday.

Plano-Coudon has received the building permit and surveyed the site with the fencing supplier.

Buying the Land

GEDCO, through its subsidiary Windemere Long Term Care, LLC, has purchased the land from Baltimore City to build THE GREEN HOUSE(R) Residences at Stadium Place. As part of a Land Disposition Agreement, GEDCO has been working for the past 10 years on developing Stadium Place, on the site of the former Memorial Stadium in Baltimore City, into an urban retirement community. The next phase of development is the Green House Residences at Stadium Place, which will be the first Green House model of long term care in Maryland. The deed has been signed with Baltimore City, and it will be recorded today.

We're Growing a Home, Loan Commitments Signed

THE GREEN HOUSE(R) Residences at Stadium Place are coming to Baltimore. We are planning to start construction in December. It's been a long year, with many moving parts. We have completed construction planning, negotiated a lease with an operating partner, and finally put into place a financing package. We tried New Markets Tax Credits, but that didn't work out. NCB Capital Impact has come to our rescue with a long term loan, as well as bridge financing. The Loan Commitment Letters were signed yesterday! After receiving 5 qualified bids, a construction contract has been signed with Plano-Coudon, LLC. And our operating partner will be Associated Catholic Charities, which is already providing enhanced living, dignity and person-centered care for frail elders. Welcome home!