We are hard at work to open in 2024. Legacy is like a traditional residential community in that you own your home here. But we are unlike a traditional residential community because we will be a licensed CCRC.
The NC Department of Insurance (NCDOI) is the regulatory body who approves all CCRCs. Proposed communities like Legacy must follow a well-designed process to become fully permitted and to operate a CCRC within the State of NC. A new community like Legacy must apply for each step and be granted approval from the State in order to move forward. It is because of this oversight that NC has never experienced a bankrupt or failed CCRC.
Developing and building Legacy will have a two-year timeline. To meet this schedule, and based on our current approval status from the NC Department of Insurance, we are in the 10% reservation and site development process now. We are completing our site engineering plan and are beginning the formal permitting process. We are beginning soil evaluation and surveying activities immediately, with grading and infrastructure installation to follow. This is a 6-9 month timeline to complete.