By Jondi Gumz
A developer in Las Vegas is eyeing the property of the Silver Spur, for 62 years at a café at 2650 Soquel Drive, as the future site of a three-story 130-bed senior residence with memory care.
Northpoint Diversified Group, which posted details on its website, tells property owners “Strategists are here to support you as you choose the right investments at the optimal time to continue growing your wealth through sound real estate investing.”
Managing partner is Lori Greymont, who describes herself as a CEO, developer, mentor, TV host, and mother of 4. The host of Funding Faceoff TV, a real estate version of “Shark Tank” in Las Vegas, she has been in real estate for 30+ years, having bought and sold $150 million in properties.
Managing director and broker is Elizabeth Puga, based in Menlo Park, who has been in real estate since 1998. She has 15 years’ experience in commercial development in Santa Clara County and buildings in San Jose.
They are the team behind the entitled San Carlos Commons, a 7-story 246-bed senior residential care facility for the elderly, which would replace dilapidated buildings in San Jose.
On the San Carlos Commons website, financial analyst Matt Frankel says senior assisted living is a “growth market for the next 20 to 30 years.”
Indeed, the U.S. population over 65 is the fastest growing, due to baby boomers getting on in years.
Whether local could afford the rates charged by a new facility remains to be seen.
However, locals are distraught that their favorite place to eat breakfast and lunch, for 22 years run by Linda Hopper, with a larger than life mural of a galloping horseback rider, could vanish without a trace.
The 16,000-square-foot property was sold in 2020, while Hopper battled cancer, to out of town investors with a virtual office in Palmdale and a mailing address in Las Vegas.
It was on the market for asking price of $1.395 million and sold for $1.04 million.
According to the Santa Cruz Sentinel, Greymont said the vision is to offer all the services an elderly person might need, social activities, meals, etc. in one spot, and provides a van to take residents shopping.
Some locals pointed out the Silver Spur is an amenity in their neighborhood — within walking distance.
82 Units Underway
Construction is expected to take two years, much as the Inner Light Ministries property at 5630 Soquel Drive, Soquel, is being redeveloped into an 82-unit assisted living and memory care residence by Calson Management, a 30-year veteran in the senior housing industry.
The café, built in 1962, became the Silver Spur in 1965.
Daniel Govea took over as owner from Linda Hopper 18 months ago.
With Northfield’s plan to demolish the café, the 18 employees would be out of work.
At a community meeting hosted by Greymont, she indicated plans have yet to be submitted to the county for review.
According to Supervisor Manu Koenig, who attended the meeting, the property is zoned for commercial use.
That allows for assisted living projects and caps the allowable building height at three stories.
Because the project is not affordable housing, it will not benefit from recent state laws to streamline review of housing projects.