A joint venture between Ryan Companies and Grand Living Management is set to begin the development of a luxury 206-unit senior living community in Naples, Florida. The developers acquired the 7.9-acre parcel of land for the project for $5.2 million according to Collier County Data. The JV also received a five-year, $48.7 million construction loan from Trustmark National Bank to support the development.
Named Grand Living at Naples, the community will consist of 166 independent and assisted living units and 40 memory care units across 241,071 square feet and four stories. Amenities will include various dining spots, a library, club room, wellness center with a fitness area, a spa and a salon. The community will be within walking distance of several shopping options, dining areas and Audubon Country Club.
Construction of the property is expected to begin within the month, and is forecasted to be completed by the third quarter of 2023. DeAngelis Diamond is serving as general contractor, and in-house Ryan Architecture + Engineering is designing the project. This project marks the partnership’s 12th project, along with Ryan Companies’ fifth development in Florida. The JV worked with Bow River Capital in October to break ground on a 186-unit seniors housing community in League City, Texas.
