Summer’s Landing at Limestone, an assisted living facility on Windward Lane in Gainesville, will soon be known as Oxton Place of Gainesville.
Gainesville ALF, LLC, is prepared to purchase the property and move forward with renovations thanks to the backing of the Gainesville and Hall County Development Authority.
The Development Authority will act as a “conduit” between the lender and Gainesville ALF, which will have access of up to $8.5 million in financing.
Revenue earned at the facility will repay the bonds issued, and the Development Authority has no financial obligation, according to Tim Evans, vice president of economic development for the Greater Hall Chamber of Commerce.
The takeover will retain about 35 jobs and produce an additional 10, according to Gainesville ALF co-owner Todd Barker.
Barker said revenue bonds are the financing option of choice for such purchases.
Barker said he will use local contractors for building and room renovations, landscaping improvements and other upgrades.
In other business, the Gateway Industrial Centre is moving along as grade design plans are wrapping up.
Officials will soon begin clearing land and building an access road to Kubota Manufacturing of America, which is expanding its operations at the business park.
In addition, officials are nearing the execution of a contract to sell about 34 acres at Gateway to The Foxfield Co. at a cost of about $1.8 million.
Foxfield, a developer based in South Carolina, plans to build a nearly 150,000-square-foot speculative building at the site, which could double in size at a future date.
Foxfield reportedly has no tenant or client for the building at this time.