An assisted living and memory care community is coming to the city of Covington.

Seniority, Inc. and Zenith Capital announced Sept. 3 their plan to build the new community for seniors.

The Covington Assisted Living and Memory Care Community will be located on SE Wax Road.

The 98 unit community will be spilt between 64 assisted living units and the remaining 34 for memory care.

The press release from Zenith Capital stated the expected cost is $23.5 million.

On Aug. 28 the three acre area of land was purchased for the new development.

According to the press release, construction on the community is expected to being in 2016 with the facility set to open in the summer of 2017.

This will be the first assisted living and memory care facility in Covington.

The release said the community will be less than a mile from two major medical facilities.

Seniority Inc. will operate the facility.

They are, according to the press release, “one of the most trusted names in the senior housing industry.”

Zenith Capital, a Seattle based company, will oversee the project’s development and financing.

Zenith Capital also has ties to the city of Covington and Maple Valley.

The Zenith Capital Managing Partner David Bovee lived in Covington and helped develop the Covington Place Senior Apartments.

Zenith’s Managing Director Anthony Hemstad was city manager in Maple Valley for five years.

“Over 10,000 U.S. Baby Boomers are retiring every day,” the press release stated. “This ‘Silver Tsunami’ is fueling the growth of senior housing.”