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.