By Robyn A. Friedman
City & Shore PRIME Magazine
If you’re in the market for housing — either for aging parents or for yourself — you’re in luck. This segment of the real estate market is drawing a lot of developer interest these days, particularly in South Florida, where there is strong demand for independent living, assisted living, memory care and skilled nursing facilities.
In many areas, there have been no new facilities built in many years. “The old product — stuff that was built in the early 1990s — is dated and not functional so people are choosing to stay home versus spending $4,000 or $5,000 a month to move into not-very-nice properties,” says Richard Ackerman, managing partner of Big Rock Partners, the developer of Atria at Villages of Windsor, a mixed-use senior community under construction in Boynton Beach. “But if you deliver a quality property at a reasonable price, then the demand is pretty deep.”
Here’s a sampling:
Atria at Villages of Windsor
9130 Hypoluxo Road, Boynton Beach
Now pre-leasing, this mixed-use project, with 186 independent living, 80 assisted living and 54 memory-care units, is expected to open in October. Units will look like condominiums, with features like granite countertops, stainless-steel appliances and touch faucets. Amenities include a $500,000 movie-screening room, fitness center, pool and multiple dining facilities. Rents range from $4,500 to $8,500 for one- and two-bedroom units.
John Knox Village
651 SW Sixth St., Pompano Beach
Since 1967, John Knox Village has been providing a continuum of care to its residents, which currently number 1,000. Amenities include lifelong learning courses, walking trails, daily activities, four dining rooms and a fitness studio. Entrance fees range from $186,000 to $407,700.
8201 Stirling Road, Davie
The 199-unit Oakmonte Village opened to assisted-living residents in February and plans to open to “catered-living” and memory-care residents shortly. Amenities include restaurant-style dining, theaters and performing arts rooms, a fitness, beauty and spa center and hobby rooms. Rents start at $3,500.
Symphony at Boca Raton
21865 Ponderosa Drive, Boca Raton
Now under construction with completion scheduled for the fall, Symphony at Boca Raton has 98 assisted-living and 42 memory-care units. Amenities include three dining rooms, a bar, theater, salon and spa, gym, library, scheduled transportation and more. Rents start at $3,500.
Symphony at Delray Beach
4840 W. Atlantic Ave., Delray Beach
Construction is underway on Symphony at Delray Beach, with completion expected in early 2018. The project will feature 88 assisted living and 30 memory-care units ranging from studios to two bedrooms. Amenities include restaurant-style dining, a bar, theater, salon and spa, demonstration kitchen, gym, library and activity rooms. The project is pre-leasing; rents start at $3,500.
Symphony at the Waterways
3001 E. Oakland Park Blvd., Fort Lauderdale
This 106-unit facility, with 86 assisted-living and 20 memory-care units, opened in December. It includes studios, one-bedrooms, one-bedroom-plus-den and two-bedroom units. Amenities include a waterfront café, theater with a 100-inch screen, fitness room, hair and nail salon, massage room, bar, dining room and a cultural liaison to connect residents with interesting events in the area. Rents range from $4,600 to $8,050.
Toby and Leon Cooperman Sinai Residences of Boca Raton
21036 95th Ave. South, Boca Raton
Located on the grounds of the Jewish Federation of South Palm Beach County, Sinai Residences includes 234 independent-living units, 48 assisted living, 60 skilled-nursing suites and 24 private memory-care suites. Amenities include a pool, spa, library, great room with fireplace, movie theater and fitness center. Entrance fees for independent living units range from $283,000 to over $1 million, but up to 95 percent is paid back to the resident’s heirs upon his or her death. Assisted living, memory-care and skilled nursing facilities are “competitively priced” and Medicare-approved; there is no entrance fee for these units.
Active-Adult Hot spots Around
There are plenty of communities for the active-adult crowd throughout Florida. Here are just a few.
South Florida. There’s no lack of active-adult communities here. GL Homes, for example, has cornered the market in Boynton Beach and Delray Beach with its Valencia communities. K. Hovnanian is building Four Seasons at Parkland. And PulteGroup recently announced plans to build 130 active-adult homes in a community called Boca Flores on the grounds of Boca Lago Country Club.
Naples/Fort Myers. Some of the developers that are ubiquitous in the active-adult market in South Florida are now building on the west coast as well, where land is more abundant and less expensive than in Palm Beach, Broward and Miami-Dade counties. Lennar Corp. also has several projects underway or coming soon to the area.
The Villages. Founded over 30 years ago, The Villages, located between Orlando and Ocala, was the second most active master-planned community in the nation last year in terms of sales. With numerous golf courses, tennis and other recreational opportunities, town squares to encourage socializing, entertainment and hundreds of shops and restaurants nearby, residents at The Villages have everything they need close at hand.
Daytona Beach. Minto Communities and Margaritaville Holdings recently broke ground on Latitude Margaritaville, an active-adult community in Daytona Beach that will include 3,000 homes in its initial phase, with a future proposed expansion of up to 7,000 homes. Prices start in the low $200,000s, and the partnership plans to build additional Latitude Margaritaville locations in other parts of the country.