Two senior living construction projects just finished in Naples, Florida, probably not in the lease-up environment they were expecting. But you never know; we certainly hear of communities continuing to move in residents at a steady pace. The first development completed was a 127-unit assisted living/memory care community called The Pineapple House at Sapphire Lakes. It is being developed by Michael Kerner of Development Consulting LLC and Andy Baldo, with Guest Services Senior Living operating the community. Amenities include fitness and massage areas, a hydrotherapy room, beauty salon and a swimming pool, among others.
Another joint venture announced the completion of Phase I for a CCRC on a 55-acres campus along the Naples Grande Golf Course. Residents at the community will be members of the golf club too, as part of their entrance fees which start at $1.5 million and are 70% refundable. Since several of them have already sold their homes to move into their units, the community’s owners, Moorings Park Institute Inc. and London Bay Development Group, have developed protocols and procedures to keep the opening date on schedule. There is also a Phase II planned, which has opened for pre-leasing and includes a clubhouse expected to open in late-2021.
These communities joined another new community in Naples that opened earlier this year. Featuring 128 total units of assisted living (96) and memory care (32), the property is owned by United Properties and Watercrest Senior Living Group, which also operates. The same JV is also in the middle of building a larger senior living community in Sarasota, with residents hopefully moving in by late summer. Southwest Florida already had a reputation for being one of the more overdeveloped areas when it comes to seniors housing, particularly assisted living and memory care. There are, we imagine, pockets where that is not the case, but filling these communities, and staffing them with qualified people, cannot be easy in the current environment. Any lease-up projections may have to be altered in the coming months.
