St. Cloud’s Development Review Committee has signed off on plans for a new 57,000-square-foot assisted living facility on Old Canoe Creek Road across from Walmart.
Sentio Investments has applied to the city for site plan approval and a conditional use permit, a requirement for all congregant living facilities. The 2-story building would have 120 rooms, based on the plans submitted by Kimley-Horn.
Sentio is a leading capital provider to operators and developers in the healthcare real estate space. Areas of focus include medical offices, independent living, assisted living, post-acute care, and memory care.
A representative from LTC Family Management, which operates Tampa-based Imprint Senior Living, attended the DRC meeting.
The building would rise on 3.17 acres immediately north of the Plantation Bay skilled nursing and rehabilitation center. With the DRC endorsement, the case now heads to the city’s planning commissioner and city council.
This would be the first new ALF built in the city limits in years after plans for a project on 17th Street, near Osceola Regional Medical Center, fizzled.
The senior housing space, and particularly assisted living facilities, were uniquely disrupted by the coronavirus pandemic. The industry suffered record-low occupancy levels in 2020 and 2021, and saw modest growth this year after the vaccine rollout in the spring. The National Investment Center for Seniors Housing & Care reported that in the second quarter of 2021, 47 percent of senior housing properties in its primary markets reported an increase in occupancy. During the height of the pandemic, that number was 22.5 percent.
Marcus & Millichap’s midyear outlook for senior housing projects a robust demand in Sunbelt states, specifically Florida and Texas, where the 10 largest markets are expected to add 2.1 million residents over age 65 in the next decade. “An accelerated expansion of the older adult population driven by the aging baby boomer generation and longer life expectancies will buoy demand for seniors housing over the long term,” the report states. “Sunbelt markets will lure a heavy share of this subset as retirees frequently prioritize quality-of-life considerations such as cost of living and climate when relocating.”