It may be up for debate exactly when seniors housing development kicks back into high gear to prepare for the oncoming baby boomers, but Erickson Senior Living is planning its next project at its typically large scale to include more than 1,000 units of seniors housing in Lakewood Ranch, Florida. The company is seeking site approvals from Manatee County to build 1,020 independent living units in addition to a 250-bed skilled nursing facility on the site.
Phase I of the project would include 660 apartments, and phase II would consist of 360 units along with parking, utility and stormwater infrastructure. There would also be pedestrian bridges that would connect the 10 buildings. Completion could come as early as December 2024, hopefully when the industry’s occupancy and labor issues are fading. Construction Journal estimated a project cost around $270 million, or more than $200,000 per unit/bed.
Erickson Senior Living currently operates 23 properties in 11 states serving more than 28,000 residents, for an average of more than 1,200 residents per property. In October 2022, Levin Pro LTC also covered Erickson Senior Living’s Phase I opening of its $500 million development in Goochland, Virginia (Richmond MSA).
