Sarasota, Florida, is getting another seniors housing development, set to open in 2019. The resort-style community will feature 82 independent living, 56 assisted living and 34 memory care units, along with a host of amenities that include a variety of dining options, a clubroom with a fireplace, a spa and fitness center with an outdoor pool, a theater and massage/exam rooms for rotating wellness providers. Ryan Companies is developing the property, with Grand Living as the operator.
The team of David Fasano, Sarah Anderson, Ryan Maconachy and Chad Lavender of Holliday Fenoglio Fowler worked on behalf of Ryan Companies to arrange a $16.7 million joint venture equity partnership with Eagle Realty Group.
Sarasota, and southwestern Florida in general, has been a popular destination for senior living developers in recent years, given the area’s booming population, cheaper land costs and relatively high average incomes. On the flip side, the Sarasota MSA has long been a poster child for overdevelopment, which we know can lead to a host of problems, especially as the labor market tightens. We shall see.
