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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
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.