LRT Company, a development firm with a keen eye for opportunity, recently acquired 12.38 acres of land in Coventry, RI’s Providence suburb. The company plans to use this land to create Tiffany Laurel Reserve, an impressive senior housing campus consisting of 204 units. After obtaining all necessary approvals and entitlements – which took more than three years – the firm was able to finalize its acquisition and move forward with the $65 million project.
Construction on Tiffany Laurel Reserve is set to begin next summer at its location off New London Turnpike. This expansive campus will feature 127 independent living units as well as 77 assisted living and memory care units. In line with LRT Company’s commitment to providing affordable options for seniors in need, approximately one quarter of the independent living units will be reserved for low-income individuals.
Founder and CEO Lawrence LaBonte expressed his enthusiasm about LRT Company’s expansion into Rhode Island through this exciting new project: “We are thrilled about our new senior housing venture after investing over three years into making it a reality,” he said gratefully while acknowledging the city and state officials who helped make it possible by granting entitlements for the project.” He also noted that their involvement would help address limited housing availability among mid- to low-market seniors in Rhode Island.
