Officials from the Northbridge Cos. and Needham Bank will gather next week for the groundbreaking of a $14.5 million assisted living community in Needham.

The project at 880 Glendale Ave. will feature 62 units for individuals with memory loss.

The ceremony is set for Tuesday at 10 a.m. The project will be Avita-branded and completion is slated for early 2011.

"This is a key development for our community," said Jack McGeorge, president of Needham Bank, which funded $9.5 million of the construction costs. "We welcome the Northbridge Cos. and Avita to Needham and know they will be of tremendous service and value."

Avita of Needham will serve seniors with Alzheimer’s disease, as well as those with mild to moderate cognitive impairment and other related dementias. The community is designed to create four distinct "neighborhoods," each with its own living areas, dining facilities and private courtyard.

The Northbridge Cos. of Burlington, and Sandy River II of Portland, Maine, are in a $100 million joint-venture with the Chicago-based private equity firm Harrison Street Real Estate Capital. The joint venture will focus on developing and operating dedicated memory-care and assisted living facilities in New England. The deal could develop up to 10 projects of about 54 to 62 units each.

Northbridge owns and/or operates eight senior housing communities in Massachusetts consisting of independent, assisted living and memory care.