GREENVILLE — Sales and construction of Banyan Senior Living’s flagship continuing care retirement community, The Cascades at Verdae continue to progress at a steady pace despite a national real estate slump.

More than 75 percent of the cottages are already sold, according to Ken Bolt, president of Banyan Senior Living.

“We are pleased with the progress of construction and the overwhelmingly positive response to the community,” said Bolt.

Bolt attributes the success to factors including the relative stability of the Greenville market, the growing popularity of retirement communities in the Southeast and consumer demand.

Sales in the South Carolina have remained steady despite the recent real estate slump. The South Carolina Association of Realtors recorded a 55 percent increase in sales and a 33 percent increase in the median price since 2000.

“As the tenth fastest growing state in the country, South Carolina continues to be a draw for homebuyers and the quality of life is a testament to the market’s enduring strength and attractiveness,” said Nick Kremydas of the South Carolina Association of Realtors.

“We’re fortunate that we’re in a market that has weathered the real estate slump well. Combine that with the quality lifestyle we’re creating at The Cascades, and we’re able to present prospective buyers with quite an attractive retirement investment,” Bolt added.

Construction of the community’s 52,000-square-foot clubhouse, cottage and apartment homes and on-site health care center are all under way with initial occupancy of the cottages and apartments expected by late fall of 2008. Currently the exterior masonry walls and structural steel of the clubhouse are nearing completion. Framing and installation of roof trusses is under way on apartment buildings. Grading and utility installation continues on the north side of the property including the area where the health services center will be located.

Founded in 1987 and headquartered in Greenville, Banyan Senior Living has provided services for more than 1,800 independent living units, 750 assisted living units and 175 special care units in communities in North and South Carolina, Tennessee, Alabama, Florida and Virginia.

Verdae is a 1,100-acre property located near the intersection of I-85 and I-385 in Greenville. The master-planned development will encompass a mix of different uses and residential neighborhoods. Upon completion, Verdae will include single-family homes, townhouses, condominiums, apartments and The Cascades.

The commercial component of the development will feature hotels, retail and a variety of office and professional spaces.