Group P6 buys Boca Raton site to build luxury senior living

Luxury senior living is becoming a popular trend for developers as baby boomers age

Miami /
May.May 13, 2019 12:30 PM
Rendering for The Concierge and Group P6’s Ignacio Diaz

Rendering for The Concierge and Group P6’s Ignacio Diaz

Group P6 bought a medical office building in Boca Raton for $6.1 million, with plans to build a luxury senior living facility.

The Boca Raton-based company bought the 4,412-square-foot building at 22 Southeast 6th Street for $1,382 per square foot, records show. Group P6 purchased the 0.6-acre site from Robert Buehl.

Buehl previously acquired the property in 2015 for $2.6 million. The office building was built in 1977.

Group P6, led by Ignacio Diaz, plans to build The Concierge, an 88-unit, 10-story building that will offer a mix of assisted and independent living residences as well as memory care beds.

Amenities at the senior housing development will include a restaurant, spa, home theater and rooftop bar. The site is close to the $1 billion, 2 million-square-foot Via Mizner project currently under construction by Penn-Florida Companies that will include a Jack Nicklaus Signature golf course.

The developer was approved for the project late last year by Boca Raton’s Community Redevelopment Agency. The CRA previously rejected the project over parking concerns. But the most recent design of The Concierge decreased the number of units filed in the initial petition by 41.

Diaz previously said he aims to break ground on the project by the fourth quarter and expects to score up to $43 million in construction financing.

Group P6 has largely developed boutique condo projects including 1900 Deerfield Beach and The Fordham in Deerfield Beach, as well as 327 Royal Palm in downtown Boca Raton.

Luxury senior living is becoming a popular trend in South Florida as baby boomers age and choose to move to such facilities. Atria Senior Living and the Related Companies formed a joint venture last year to operate more than $3 billion in luxury senior living facilities in major metro markets.

In Coral Gables, Baptist Health South Florida and Belmont Village Senior Living are partnering to build a luxury senior living facility at the former site of the planned Collection Residences luxury condo at 250 Bird Road.


Related Articles

arrow_forward_ios
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
Pebb Enterprises' Ian Weiner (right) and Banyan Development's  Jason Sher with Research Park at Florida Atlantic University (Pebb, Avison Young, LinkedIn, iStock)
Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton
Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton
Real Estate Investment Services’ Kyle Matthews with  201 East Las Olas Boulevard (Real Estate Investment Services, Loopnet)
Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
2950 Northwest Fifth Avenue in Boca Raton (BanyanPlace.org)
Montreal investor pays $20.5M for Palm Beach County assisted living facilities
Montreal investor pays $20.5M for Palm Beach County assisted living facilities
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Butters Group's Malcolm Butters with 1751 North Military Trail (Floridatrend, Butters Group, iStock)
Butters and Konsker propose $75M Boca Raton office project
Butters and Konsker propose $75M Boca Raton office project
(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail  and 5050 Town Center Circle in Boca Raton (Google Maps, Site Centers, Vanderbilt OP, Macquarie Group)
Boca Center’s offices, retail, restaurants trade for $261.5M
Boca Center’s offices, retail, restaurants trade for $261.5M
2621 Flamingo Drive in Miami Beach with Mike Hezemans and Rita and Roman Shukhman (Compass, Wikipedia, Getty, LinkedIn)
Pro race car drivers sell Miami Beach spec house for $10M
Pro race car drivers sell Miami Beach spec house for $10M
arrow_forward_ios

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

Loading...