Thirty acres in Lady Lake, near The Villages, is set to become home to a new $40 million to $50 million Omega Community, a unique form of assisted living and other advanced senior health care formed in partnership with a faith-based organization and private equity.
The faith-based organizations provide volunteers, a sense of community tied to faith, and programming. Sometimes the communities are built adjacent to or on the church's property.
Omega health care provides the operational expertise and the cash for the investment, Jimmy Taylor, a partner of Omega Communities with Pat Trammel, told GrowthSpotter.
The Lady Lake property, north of CR 466 is not near a church property. It was sold to a subsidiary of Omega for $4 million.
Taylor said Omega is in the process of choosing a faith-based provider for the Lady Lake project.
"If we are successful (with the development) we will share a percentage of the profit with our faith-based partner. The faith-based component provides the opportunity for residents to stay engaged socially and spiritually," Taylor said.
"Churches and anybody we partner with, whether it's on the faith-based side or the financial side have to understand our mission," he continued.
"What we are going to do in Lady Lake is two-phased with close to 350 units of independent living, assisted living, and memory care services."
Construction drawings are already completed for the first phase of 175 units. Plans are to pull the permits at the beginning of 2016. Darren Azdell, of Outside in Architecture, has already submitted completed construction drawings.
Groundbreaking is scheduled for the first quarter of 2016 and the build time is estimated at 12 to 14 months, putting it into the second quarter of 2017 for opening.
Taylor said Omega's developments are high-end, equivalent to the amenities usually found in a senior community that requires you to buy your apartment. However, Omega's senior housing is for rent.
"That makes it accessible to a much larger percent of the population," said Taylor.
Omega, based in Birmingham, Ala., is about five years old. It has built three senior living communities so far in Birmingham, Sarasota and Northport, Fla. Ground breaking for a community in Fort Myers is scheduled for early 2016. Two in the Atlanta suburbs are scheduled for the first half of 2016. And another is planned for Jacksonville.
Teresa Burney can be reached at 352-455-1955 or at firstname.lastname@example.org. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.