Beverly Hills, Calif.-headquartered Big Rock Partners LLC's Big Rock Partners Senior Housing unit is planning to develop a $150 million luxury elderly housing community on a 15-acre plot near Delray Beach, Fla., which it purchased for $9 million, The Real Deal reported, citing a company spokesperson.
The site was purchased from Theodore and Gertrude Winsberg at a price of approximately $600,000 per acre, and funded partially with a $4.5 million loan from Vancouver, Canada's Trez Capital Group.
The planned senior living development will contain 185 independent living residences, 50 assisted living residences and 44 memory-care residences. Big Rock will commence the building of the community in the summer of 2019, with expectations that the project will wrap up in 2021, the Dec. 13 report quoted a company release as saying.
The community will comprise a fitness center, pool, yoga studio, salon, library, game rooms and an auditorium attached to a theater, among other facilities.