Rural Renaissance Limited (RRL), the parent company of J.S. Crawford Contracts, recently started the construction of 14 flats adjacent to the town's Waverley Road .
The four-floor complex will feature a mix of two and three-bedroom properties and is being built in conjunction with a new gym and health spa behind the complex for new homeowners.
To support the project, RRL received a six-figure development funding package from the Bank of Scotland. With construction now under w ay, the firm expects the flats to be completed by Christmas 2022.
The business has created 40 jobs and o ne apprenticeship position to support with the project.
Michael Crawford, managing director at Rural Renaissance Limited, said: “While Rural Renaissance has been building housing in the Borders since 2010, the new Westgrove project will be our first aimed at those looking to retire.
“The Bank of Scotland helped massively with setting this project in motion. The financial support has given us the ability to push ahead with the build and create a host of new jobs for local people.
“As a Borders business, we’re passionate about the local area. Above providing suitable homes for all, our calculations show that the new development will provide an economic boost for the town, with roughly £1.5m of investment in the local area.”
Douglas Spowart, relationship director at the Bank of Scotland, said: “With the number of people in Scotland aged over 65 set to rise to around 1.3 million over the next 10 years, the demand for senior living accommodation will likely continue to grow.
“The decision by Rural Renaissance to expand into this sector is therefore a timely one and we’re proud to have supported the firm with its first retirement project in the Borders.
“The new Melrose development is another example of the incredible innovation being shown by firms across the country. As we look to move beyond recovery and towards growth, we’ll continue to stand by Scottish businesses looking to innovate and explore new opportunities.”