The multifamily commercial real estate market is embracing a pivot that intends to serve the largest generation – the baby boomers – as they transition into their golden years. Investors and developers are racing to create the needed amount of senior living options including Assisted Living Facilities (ALFs) that provide physical, social, and psychological care. Vision & Beyond Capital Investments is pursuing an ALF opportunity near Miami, Florida, that intends to provide best-in-class amenities in a beautiful community with lush surroundings and historic landmarks.
Coral Gables sits five miles west of Miami and is three miles away from several marinas, parks, and sparkling coastal waters. Vision & Beyond has chosen this community for a ground-up development featuring more than 300 ALF and Independent Living units.
This prime location on Coral Way in Coral Gables is near several golf courses and the community’s iconic, spring-filled Venetian pool – built in 1923 and offering two waterfalls, cave-like grottos, and an inviting tropical setting. Vision & Beyond intends to capitalize on the Coral Gables community and its surroundings by creating an Assisted Living Facility that offers exceptional amenities that will allow seniors to enjoy connecting with fellow residents in well-appointed community spaces.
Florida has been a popular retirement destination for baby boomers for decades, with the retiree population increasing from 8.6 percent of the state's population in 1950 to 17.6 percent in 2000. In Clearwater, St. Petersburg, and Cape Coral, the cities with the largest boomer migration trends, nearly 30 percent of the population is made up of boomers. Vision & Beyond’s executive leadership says these trends show a ripe market for more upscale senior living to cater to people relocating to the area who have the resources to afford a prime ALF environment.
Vision & Beyond would partner with Base4Group a multifamily real estate development firm with more than 40 years of experience in the Miami area. Together, these teams would collaborate to develop an ALF community that both offers an exceptional environment for retirees who want to call Florida home and also a compelling opportunity for investors seeking a crisis-resilient asset to add to their portfolio.
The project remains under contract and the Vision & Beyond and Base4 teams are working toward a closing before the end of 2024. Upon closing, the team will proceed with permit applications and site approvals, followed by two years of construction. Planners hope to be able to deliver the finished product by the end of 2028.
Comments