A California-based developer that specializes in luxury assisted living homes is eying a 1.9-acre parcel on Park Place in Kissimmee to build an 63-bed memory care facility.
Meridian at Summerplace is expanding beyond its West Coast roots into Florida, with active projects in the Tampa Bay, Sarasota, Space Coast and Orlando markets. A typical project offers full-service senior living residence with separate units for assisted living and memory care.
Neil Richardson, president of Meridian SummerPlace Senior Living, said the company was drawn to the site because of its close proximity to Florida Hospital Kissimmee and because of a demonstrated need in the area. The Kissimmee facility will be unique among its Florida portfolio because it will be the only location to focus exclusively on memory care for patients with Alzheimer's disease and other forms of dementia.
Project manager Matthew West, with Littlejohn, met last week with Osceola County planning officials, but he also has met with city officials to discuss a possible annexation. The site, tucked between Central Avenue and Main Street, is an unincorporated island surrounded by Kissimmee's future Medical Arts District.
And as a qualified target industry for the city, it could be eligible for fast-track permitting and other incentives. Meridian currently has a contract on the property, which is owned by 101 Park Place LLP.
Meridian is currently one of the largest memory care providers in the nation. The company's philosophy, as described in a press release, is to create a small village environment where residents know the staff by name and enjoy all the conveniences of a luxury resort. For seniors living with Alzheimer's, assisted living with memory care facilities provide the sort of specialized care that is not always available in a traditional nursing home.
Richardson said the project budget is $10 million, 35 percent of which was raised through the sale of seven EB-5 visas. "We've put in developer equity as well as traditional debt on it," he said. "We would like to be able to break ground by end of next year. A project like this should take us about 14 months to build."