Most of the attention in the Florida development market has gone to assisted living and memory care. Rightfully so. But a brand-new skilled nursing facility is going up in Lakeland, Florida, courtesy of Greystone Healthcare Management and Lake Gibson Village. The 120-bed facility will be located within the existing Lake Gibson Village independent living/assisted living community and will feature a mix of private and semi-private rooms, along with programs that range from orthopedic and cardiac to stroke rehabilitation. Lake Gibson Village is also undergoing a 64-bed memory care expansion on the 45-acre site in addition to massively expanding its independent living services.
At a cost of $25 million, or about $208,000 per bed, the facility is below the average for newly constructed Florida SNFs of $234,000 per bed, according to our in-house development database (dating to 2013). But since this is an expansion on an existing senior living campus, that alone could account for some of the lower cost per bed (as can the number of semi-private units versus private units).
Greystone isn’t stopping there. The firm has already started construction on a 150-bed/108-unit skilled nursing facility in the Miami suburb of Kendall, at a cost of $30 million, or $200,000 per bed. Greystone also has plans to break ground on new SNFs in Clermont and Apopka (both Orlando MSA) later this year.