Senior living project in Westchester moves forward

AJP Ventures paid $7.8M earlier this month for a former AT&T building on the site

TRD MIAMI /
Feb.February 18, 2020 12:30 PM
Rendering of MedSquare Place, Alberto Pérez, and Jorge Navarro

Rendering of MedSquare Place, Alberto Pérez, and Jorge Navarro

A senior living project planned for Miami’s Westchester neighborhood is advancing to the next phase.

AJP Ventures plans to break ground on MedSquare Place, a mixed-use development with a senior living facility and medical office space, in April. The developer secured approval from Miami-Dade County last month, according to Greenberg Traurig. Greenberg shareholder Jorge Navarro represented the developer.

The project, at 9101 Southwest 24th Street in Miami, will replace a former AT&T building. MedSquare Place will have about 37,000 square feet of medical office space and 86 active adult, independent living units, according to a press release. Amenities for the residents will include a gym, an outdoor vita fitness trail, private dining with nutrition dining packages and concierge services.

The residential units will range from 750 square feet to 1,020 square feet, with rents starting at $2,750 a month. The monthly rents include dining and utilities.

AJP Ventures, led by Alberto J. Pérez, is working with Live Oak Bank, a Wilmington, North Carolina-based lender with a senior living lending platform, to finance the $29 million development.

Pérez said in the release that there’s an “immediate demand for an active senior lifestyle community” in Westchester, with many seniors looking to retire close to their children and families.

The building that is currently on the property will be demolished beginning in April and construction on the new project is expected to begin by the late summer. The project would be completed in the summer of 2021.

AT&T sold the former Bellsouth building to Coral Way Real Estate Partners earlier this month for $7.8 million, records show. The buying entity is controlled by Pérez and Juan Carlos Mas, chairman of the Mas Group.

Pérez and Mas have partnered on real estate projects in the past, including a $40 million office development near Baptist Hospital’s main campus in Kendall.


Related Articles

arrow_forward_ios
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
Pharrell Williams (Credit: Ethan Miller/Getty Images)

South Florida by the numbers: Bright spots in a challenging market

South Florida by the numbers: Bright spots in a challenging market
arrow_forward_ios

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

Loading...