The planned assisted living and memory care community planned for a mid-2018 construction start at the intersection of Oakmont and Stonebridge drives is on hold indefinitely, a result of post wildfire economic conditions.
Michelle Park, corporate director of Marketing for MBK Senior Living, said rising construction and labor costs impacted by the 2017 fires have caused the company to delay development with “no further pre-construction design or planning work” at this time. The fence around the 2.8-acre parcel, which is adjacent to MBK’s Oakmont Gardens, was removed recently.
The proposal for the 74-unit complex was unveiled in early 2015 and a pre-filing community meeting disclosed an original construction start in 2016, later revised to 2018 on the developer’s website.
“MBK does not have a timeframe set for reconsidering this decision (to delay),” said Park in a statement to the Oakmont News. “Once market conditions stabilize development plans will be reassessed.”
The plans for the Oaks at Stonebridge called for 50 alcove, one-bedroom and two-bedroom residences and 24 memory care suites. MBK owns Oakmont Gardens and is headquartered in Irvine, Ca.