It’s not often you see a new senior living development cost over $400,000 per unit to build. Nevertheless, Cypress Cove Health Park Florida, a not-for-profit CCRC built in 1999 with currently more than 550 residents on 48 acres in Fort Myers, Florida, is adding 44 memory care units for a cost of approximately $18.5 million, or about $420,500 per unit (in a state that averages $213,000 per unit to build new assisted living/memory care or standalone memory care communities, according to our data).
The new two-story building, scheduled to open in 2016, will feature four households each with 11 private apartments that each average about 250 square feet. There will be a significant amount of common space in the approximately 40,000 square-foot building, with two large kitchens, dining rooms and living rooms.
To finance the project, Cypress Cove plans to raise about $3.5 million from private donations and received approval from Lee County, Florida Industrial Development Authority to sell $20 million in healthcare facilities revenue bonds, which have been rated BB+ by Fitch Ratings.
Last March, the CCRC converted 17 of its assisted living units into memory care (open only to Cypress Cove residents) in order to set up its memory care program and services in anticipation for this new expansion, which will be open to the public……..Return to home page
