Former Collection Residences site in Coral Gables will become luxury senior living

Baptist Health closed on the site in January for $37M

Miami /
Mar.March 28, 2019 06:00 PM

Patricia Will CEO of Belmont Village and a rendering of the Collection Residences

The former site of the planned high-end luxury condo development, The Collection Residences in Coral Gables, will soon become senior housing.

Baptist Health South Florida and Belmont Village Senior Living are partnering to build a luxury senior living facility at the 2.8-acre site at 250 Bird Road, according to a press release from HFF. Baptist Health recently closed on the site in January for $37 million.

Construction is projected to start in mid-2020 and will be completed within two years of groundbreaking, the release said. Belmont Village plans to manage and operate the project.

HFF’s Manuel de Zárraga, Maurice Habif and Ted Taylor advised Baptist Health in the partnership. Baptist Health and Belmont Village will initially target Miami-Dade, Broward, Palm Beach and Monroe counties.

The property was previously at the center of a contentious lawsuit between developers Masoud Shojaee and Ugo Colombo. The two developers planned to build 128 condos along with retail space on the site until their partnership ended nearly three years ago and litigation pursued, where Shoma alleged Colombo sabotaged the project.

Records show Colombo and Shojaee’s joint venture paid $27 million for the property in 2013.

Baptist has been expanding throughout South Florida. It recently opened a four-story, 60,000-square-foot outpatient facility at Crescent Heights’ mixed-use development at 709 Alton Road in Miami Beach. In January, Baptist acquired a former Toys “R” Us in Royal Palm Beach for $15.8 million.

Houston-based Belmont Village has 29 properties with about 4,000 units in seven states and Mexico City. Its future projects include the Belmont Village Lincoln Park in Chicago and Belmont Village Fort Lauderdale.


Related Articles

arrow_forward_ios
Ashar Aziz with an aerial of 8525 Old Cutler Road in Coral Gables (LinkedIn; Google Maps)

Hedge funder buys Coral Gables lot for $18M

Hedge funder buys Coral Gables lot for $18M
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
Dan Azel & 130 Solano Prado, Coral Gables (Google Maps, LinkedIn)

Construction honcho buys waterfront Coral Gables home for $5M

Construction honcho buys waterfront Coral Gables home for $5M
8860 Hammock Lake Court (Boschetti Realty Group, LLC. via Redfin)

Developer Jose Boschetti sells his Coral Gables lakefront home for $7M

Developer Jose Boschetti sells his Coral Gables lakefront home for $7M
Alta Developers’ Raimundo Onetto and a rendering of the project

Alta pays $17M for Coral Gables site to build mixed-use multifamily project

Alta pays $17M for Coral Gables site to build mixed-use multifamily project
Sam Nazarian with 8815 Arvida Drive (Getty, REWS Miami - David Hernandez)

Sam Nazarian pays $14M for waterfront Coral Gables estate, plans to move from LA

Sam Nazarian pays $14M for waterfront Coral Gables estate, plans to move from LA
Life Time Coral Gables rendering with Niven Patel (Life Time, Ghee Hospitality)

Niven Patel, Graziano’s ink restaurant leases at Life Time Coral Gables

Niven Patel, Graziano’s ink restaurant leases at Life Time Coral Gables
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...