Autumn Senior Living is investing around $100 million in the Tampa Bay MSA to build three more senior living communities, two of which will feature its “I-Lite” product. A form of aging-in-place, I-Lite was created to provide assisted living services to residents as their care levels progress, without moving them. Including this service will be Atrium at Autumn, an I-Lite expansion of the company’s current stand-alone memory care community in Sarasota that was designed in cooperation with the USF Health Byrd Alzheimer’s Institute, a leader in dementia research. The community, which will cost approximately $38 million to develop, will offer four different floor plans to residents: a 321-square foot studio, 452-SF one-bedroom, 814-SF two-bedroom and 551-SF bridge one-bedroom suite.
Autumn is also developing two communities in Brandon and Westchase, both of which will feature memory care and I-lite services in one building. Westchase is expected to cost $25 million and Brandon $33 million to develop, with 2018 open dates. Southwest Florida has already experienced a boom in assisted living/memory care development, and we have already heard rumblings of census troubles for both new communities and the existing ones. A lot is riding on those market research teams. It should help that Autumn Senior Living has been in operation since 1979 and managed 45 properties over the years. Experience matters.
