Sunday, May 15, 2011
NEWEST CONTINUING CARE FACILITY
IN 25 YEARS
TO OPEN IN BOCA RATON
The Jewish Federation of South Palm Beach County’s West Boca Campus, on 22 acres on the east side of the 95th Avenue South security gate, directly across from the Hillel offices will have a new complex with 232 independent living units, 60 assisted living apartments, 60 skilled nursing suites and 24 studio suites for the memory impaired. Construction is estimated to take 24 months, once those are sold and the shovels go into the ground.
Two connecting buildings will have walkways, a contiguous garden and a fitness center. Before starting construction, 70% of the units must be pre-sold. The facility will offer a blend of housing, health care, hospitality, recreational and social services. Plans include a life-care benefit which offers discounts for independent living residents on assisted living and nursing care.
Prices are estimated to be $200,000 to $400,000. ROI will be on a sliding scale. There have been “Plans in the making” for many years, due to the demand, determined by several surveys. Lifecare Services will be managing the facility.
It is anticipated that the project will project an annual cash flow of $1.5MM-$4MM. First phase of financing consisted of issuing a tax-free $9MM pre-development industrial revenue bond for preconstruction costs over a 24-36 month period. It will also fund pre-marketing, design development and other pre-development costs.
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