John Henley Jr.

Weekly Vista Staff Writer

After years of planning and waiting, the first-ever senior housing cooperative in Arkansas is now officially open.

The Plaza, a 59-apartment living facility, composed of units ranging in size from 700 square feet, one-bedroom units to 1,800 square feet two bedroom units, specifically designed for seniors, held its open house Wednesday, April 27, from 1:30 to 4 p.m.

"The community has been very supportive of this development and this will be our way of thanking them," said Nancy Leake, executive director of Senior Living Concepts for the Community Development Corporation.

The brainchild of John Foss, second vice-president of CDC and a board member, The Plaza was created by CDC, a nonprofit real estate development team that specializes in housing alternatives for senior citizens, and National Cooperative Bank (NCB) Development Corporation, a Washington D.C.-based corporation.

The idea is unique, Foss said, because of the way people can buy a share.

"They can put up 30, 50, 70 or 100 percent of the money and have what's left added on to their monthly payments."

A two-bedroom, two-bath apartment with a den currently costs about $169,000. Foss said he knew from the beginning The Plaza would be a success because of the successes of similar co-op models in Minneapolis.

Donna M. Creedon, a senior developer with NCB, added there were days she thought The Plaza would be as successful as it is, and then, there were other days when she worried.

"A co-op was untested in this market, but because Nancy and John did such a great job educating people, it worked well," Creedon said.

In September of 2001, Anita Pontius and several others, at the request of Randy Sovich, of R. M. Sovich Architecture Inc., took crayons, pens and pencils and drew what their "dream apartment" would look like.

"It's a very nice place, set up the way we wanted it," Pontius said of her apartment three years after she submitted her design.

Pontius and her late husband were one of the first to buy a share at The Plaza.

Fred Victor said he liked the level of customization that was available in the apartments, which allowed him to add a cabinet in his den for his wife's hobby supplies and a bidet in the bathroom, something they'd had at their old house and wanted in their new apartment.

The apartments, which are housed in a building with three floors and two wings, are connected by a common area, which includes a library with a computer with Internet access, a commercial kitchen and formal dining area, a workshop, storage units, a recycling station and a guest bedroom that may be reserved for overnight visitors for $45 per night. There is also a lighted walking trail encircling the village and an exercise room downstairs.

The Highlands Crossing is just a stone's throw away and offers many other amenities, including educational opportunities at the College at the Crossings.

The co-op operates like a small, enclosed community, and each resident pays a base price to buy an apartment, or "share," and a monthly fee.

Everything from lawn maintenance to window washing is included in the monthly fee, so that the only expenses not covered by the share agreement are telephone and television services, and dinner, which is offered to residents although they are under no obligation to sign up for food service. One meal daily -- dinner -- is provided by Chef Bruce and Sons Catering.

All Plaza residents have full Property Owners Association memberships and can enjoy the full range of POA services and amenities.

In the event that a shareholder decides to sell their apartment, they are paid the base price of the unit, plus 2 percent per year appreciation.

The south wing units of The Plaza co-operative opened in December, while the north wing opened in January. Currently all 59 apartments have been sold and names are now being added to a waiting list with a $1,000 deposit.