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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.