BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Green Cay Life Plan Village, Inc., a Florida not-for-profit corporation, announced plans to develop a $250 million continuing care retirement community (CCRC) on a 15-acre site at Jog Road and Flavor Pict Road. Acquisition of the site sets the stage for a new generation luxury senior living offering in a market where demand is growing and land for new development is scarce.
Designed for a resort feel and all-inclusive lifestyle, plans call for approximately 200 residences (+/-170 independent living, 16 assisted living and 16 memory care) in a three-story, 340,000-square-foot building. The community will incorporate smart technologies throughout, wide-ranging amenities and services with a focus on hospitality, active lifestyles and wellness. Features include multiple dining options, a bar and bistro, fitness and wellness centers, yoga studio, salon, movie theater, multi-purpose spaces, a pool, patios and outdoor areas, as well as access to the adjacent Green Cay Nature Center.
Independent living residences will range from one- to three-bedrooms; assisted living apartments will include studio to two-bedroom options, and memory care will be provided for in studio apartments. CCRC buy-in costs are expected to begin in the mid-$600,000s. The to-be-named community, for residents 62+, is projected to break ground in 2024 for completion in 2026. A pre-sales office is planned to open in fourth quarter 2022.
Green Cay Life Plan Village, Inc. has engaged BRP Senior Housing Management LLC and Greenbrier Development LLC as co-developers for the project.
Delray Beach, FL-based BRP Senior Housing Management is an affiliate of private equity real estate firm Big Rock Partners (BRP). BRP’s $400 million senior living portfolio of more than 1,000 units includes Florida luxury rental communities Mariposa in suburban Lake Worth, Windsor at Celebration in the metro-Orlando area and Unisen Senior Living, a CCRC in Tampa.
Richard Ackerman, BRP Managing Partner, said, “The Baby Boomer generation’s higher expectations continue to redefine the next generation of senior living communities. With the County’s senior population growth, timing is right for this new upscale buy-in option that gives residents predictable costs for peace of mind.”
Ackerman spearheaded the novel approach of creating a not-for-profit corporation specifically to develop or redevelop a CCRC, enabling the use of tax exempt bonds to lower financing costs. Residents benefit since profits are reinvested in the community, helping to offset the costs of operations and future improvements.
Dallas, TX-based Greenbrier Development LLC, in addition to a co-development role, will market and manage Green Cay. The company is currently responsible for developing and/or marketing 25 senior living communities in the U.S. and has provided strategic consulting services to more than 100 senior living communities and providers since 2006.
Ziegler, a specialty investment bank, underwrote a $36 million dollar Bond Anticipation Note issued through the Palm Beach County Health Facilities Authority for the $18.6 million land acquisition and soft costs.
The community’s location is within two miles of multiple shopping, cultural and recreational alternatives and within 5-10 miles of downtown Delray Beach, the Boynton Beach Art District, 20 golf courses, two hospitals, as well as the 100-plus acre Green Cay Nature Center and Wetlands.
Two firms with extensive senior living experience have been engaged by the development team - Dallas-based PRDG, a boutique architectural firm, and Fort Lauderdale-based Moss & Associates as design and pre-construction consultant.
To learn more about Green Cay Life Plan Village, visit GreenCayLifePlanVillage.org.
About Big Rock Partners
Delray Beach, FL-based Big Rock Partners is a private real estate equity firm that has invested in and managed over $1 billion in assets. Its affiliate BRP Senior Housing Management is a vertically integrated firm with capabilities in development, renovation, operation and restructuring, and expertise in both rentals and CCRCs. Big Rock’s senior living properties, in well-located, sought-after areas, are built and operated to support the changing needs of seniors with a continuum of care and an enriching lifestyle that promotes wellness, utilizes smart technology and incorporates first-class amenities.
About Greenbrier Development
Dallas, Texas-based Greenbrier Development provides comprehensive planning, development and management services for the senior living industry throughout the United States. With more than 150 years combined experience in the senior housing and Life Plan Community development arena, Greenbrier principals have been involved in developing some of the industry’s leading senior living communities. Collectively, the team has participated in the planning, financing, development, and marketing of more than $3 billion in senior housing developments, including some of the largest and most exclusive communities in the country, with individual project budgets ranging from $10 million to over $300 million.
