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Project: 681 Lexington Avenue

When executives from real-estate investment trust Welltower Inc. and developer Hines began discussing a project to build a senior-housing development, they didn’t imagine the traditional leafy location outside the city. They wanted to build in Manhattan.

Welltower and Hines are targeting an affluent sector of a growing urban aging population, as have other players in the niche development sector. They said they are aiming to fill the gap between the strong demand and limited supply of facilities that offer assisted-living services and care for memory-impaired, particularly in Manhattan.

The joint venture plans a 15-story building at the northeast corner of East 56th Street and Lexington Avenue. The developers, who didn’t disclose total costs for the project, paid $115 million for the parcels that make up the site.

The building will have private apartments, landscaped terraces and an overall design inspired by classic Park Avenue apartment houses. It will be targeted at those with private means to pay.

“This is a place where these people can be reminded of things in their past, potentially by the design of the building and by the location of the building and have a significantly better quality of life,” said Thomas DeRosa, chief executive of Welltower, which has 72 senior housing properties in the tri-state area.

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http://www.wsj.com/articles/housing-...ent-1465174031