Personal Finance

October 28, 2013

Cary's SearStone retirement community to accept first residents this week

SearStone received a license Monday for its Cary continuing care retirement community, marking the first such facility to be licensed in North Carolina since 2008.

SearStone received a license Monday for its Cary continuing care retirement community, marking the first such facility to be licensed in North Carolina since 2008.

The financial crisis slowed the growth of continuing care retirement communities, also known as CCRCs, said Kerry Hall, spokeswoman for the N.C. Department of Insurance.

“SearStone is the only applicant that reached the permanent licensing stage and applied for a permanent license to open since 2008,” Hall said. There are currently 57 licensed CCRCs in the state.

SearStone, which is operated by a nonprofit named Samaritan Housing Foundation, says it has pre-sold 90 percent of its 169 units. It is also expected to hire 300 employes at full capacity.

“One thing many people do not realize is we have a mini-city here,” Christopher Romick, SearStone's executive director, said of project. It will have food services, a fitness center, nursing, and transportation all under one roof.

CCRCs are for people 62 and older. The first SearStone residents will begin moving in Friday.

The project broke ground in June 2012. It sits on 24 acres at High House Road and Davis Drive. Samaritan will be responsible for setting the monthly fees for the community.

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