The Latest Developments in South Florida’s Senior Living Real Estate Market

The Latest Developments in South Florida’s Senior Living Real Estate Market

With its sunny weather, pristine beaches, and retiree-friendly culture, South Florida is a favorite destination for active seniors. Even with the coronavirus pandemic’s challenges, there is increased demand for high-end senior living communities in South Florida. Here is more on some of the latest developments in South Florida’s senior living real estate market.

The Watermark Projects

In West Palm Beach, Zom Senior Living is currently developing two South Florida projects—Watermark in West Palm Beach and Watermark Merrick Park in Coral Gables. Zom is partnering with Watermark Retirement Communities to co-develop the projects. Both the West Palm Beach and Coral Gables locations will offer independent living, assisted living, and memory care facilities. Both properties are mid-rise projects with eight stories and will offer several amenities. The new senior living communities will be within walking distance to downtown. Both properties will also have rooftop pools, sky lounges, spas, salons, wellness centers, libraries, bars, restaurants, and art galleries. In addition, the Watermark will offer residents valet and concierge and complimentary transportation services and garage parking.

Main Street at Boyton

The development of Main Street at Boynton is about to begin at the northeast corner of Boynton Beach Boulevard and Jog Road. The new mixed-use property will include a 16-bay Wawa with a 6,200-square-foot convenience store, a 30,000-square-foot Sprouts Farmers Market, and a two-story, 113,700 square-foot assisted living facility. The residential space will be home to 158 residents. The commercial area will also include at least three restaurants. The retail part of the project will feature 68,000 square feet of commercial space. The property will cover 16 acres in total, with the assisted living portion covering 4 acres. The concept behind the project is that the assisted living facility will be integrated into the development. The Project’s developers wanted it to have an old Main Street aesthetic that the facility residents could enjoy using.  The design will be accessible so that residents will be able to leave their homes and walk to area restaurants and shops. The developers are hopeful that the project can be completed and open by June 2021.

Lake Worth’s Palomino Gardens on its Way

The Palomino Gardens Retirement Community at 9885 Palomino Drive near Lake Worth is advertising and accepting information requests from parties interested in being charter members. The property will be three stories tall with 128 units. The plan for the community is for it to be an all-inclusive, 55-plus senior living facility. In June, a company connected to Resort Lifestyle Communities obtained a $35.7 million construction loan to build the property and development appears to be underway.

At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end real estate in Palm Beach County. David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Board-Certified Real Estate attorneys with the expertise and local knowledge you need to assist you in managing your residential and commercial real estate issues.  Contact Rabideau Klein today to discuss your real estate legal needs.

 

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