A senior living community is planned for nearly 60 acres near Oviedo under a land deal involving the University of Central Florida Real Estate Foundation and several prominent area businessmen.
The project, called Legacy Pointe, would be on land currently owned by UCF's Real Estate Foundation, which would sell or lease it to a not-for-profit corporation of civic leaders that will develop and operate the property. The corporation has David McKinney as its president and banker Tom Yochum as treasurer. Philanthropist John Lowndes served as its first president.
Aaron Gorovitz, a partner with the Orlando law firm Lowndes, Drosdick, Doster, Kantor & Reed, is the lawyer for the Seminole County project.
Gorovitz said right now, as the project is in its early stages, private donations are being made to the UCF Real Estate Foundation and the foundation is paying the bills. Hundreds of thousands of dollars have been raised, said Gorovitz, who could not offer a firmer number.
Between 2015 and 2025, the number of people aged 75 and older will increase 44 percent, according to statistics cited by Gorovitz.
"We're getting all of these people from all over the country, but the number of facilities is inadequate to meet the anticipated need," he said.
Legacy Pointe will be located on the southwest corner of Nak Nak Run and Old Lockwood Road, and cost about $100 million to build. The land is largely vacant now, save for a few barns.
The facility, which would be five stories, would have 338 beds, including 40 detached structures, or villas. The rest would be for independent living, assisted living, nursing home and memory care.
A plot of remaining property could be developed as 54 residences for people of any age, or for more senior living facilities if there is a need.
Legacy Pointe is seeking a zoning change for the land from Seminole County to planned development from low density residential and higher intensity transitional planned development.
The facility would be operated as a continuing care retirement community, home to seniors in all stages of physical and mental health.
Word of Legacy Pointe comes less than a month after a 225-room luxury senior living facility was announced in Osceola County. The project was announced by real estate investment management firm Big Rock Partners.
Ground breaking for the Seminole County project is planned for the first quarter of 2017, with completion in the first quarter of 2019.
A general contractor has not yet be chosen. HHCP of Orlando is the architect and Littlejohn of Orlando is the engineering firm. Greystone of Dallas, which specializes in senior living facilities, has been brought in as a consultant.
Editor's note: An earlier version of this story said the corporation of civic leaders had yet-to-be formed.