Big Rock Partners Senior Housing just paid $9 million for 15 acres of vacant land near Delray Beach with plans to launch a new senior housing development.
The sellers of the property at 12747 South Jog Road are long-time property owners and preservationists Theodore and Gertrude Winsberg. The deal breaks down to about $600,000 per acre.
A spokesperson for Big Rock Partners said the company plans to develop a $150 million luxury community with 185 independent-living residences, 50 assisted-living residences and 44 memory-care residences. Construction is slated to begin next summer. The developer plans to complete the project in 2021, according to a release.
Amenities will include a fitness center, pool, yoga studio, salon, library, game rooms and an auditorium with a theater.
Records show the company scored a $4.5 million loan from Vancouver-based Trez Capital Group to finance the purchase.
The property is near a nature center, which opened in 2005 thanks in part to the Winsberg family. The Winsbergs sold more than 100 acres to the county in 1999 for $2.9 million in order to preserve the land, known today as the Green Cay Nature Center & Wetlands.
Big Rock Partners develops and invests in luxury senior housing developments and assisted living communities throughout the United States. The Beverly Hills, California-based firm recently completed a 320-unit senior housing development near Lake Worth called Atria at Villages of Windsor, where monthly rents start at $4,000.
The company also recently completed the $83 million Windsor at Celebration near Orlando with 239 residences, and is developing a project in Kiawah Island in South Carolina.