"The longterm plan is to build out a full campus and totally fill the gap in the continuum of care," CEO Mike Comparato told GrowthSpotter. "We have enough property optioned to build multiple phases. Phase two will begin when we reach 50 percent occupancy of phase one."
He said about a third of the 212 units in phase one are already preleased. The complex includes 120 independent living units, 56 assisted living units and 36 memory care units.
"We're positioned very well," Comparato said. "It's difficult for people here today to see the fields and the weeds and visualize what this market will look like in five years."
A privately held holding company, Vieste Group concentrates its investments in two major asset classes: renewable energy and social infrastructure (healthcare and senior living.) Tuscan Isle is part of a trend of new, upscale senior and assisted living communities that offer resort-style amenities in lieu of institutional surroundings.
"We don't have a dining room. We have a restaurant, a bistro, a coffee bar and a lounge," Comparato said.
The Italian restaurant will be white-tablecloth service, while the bistro will offer prepared sandwiches and salads. The bar has full liquor service and a menu selection of burgers, flatbreads and other "bar food." It's all included in the residents' monthly cost-of-living fee.
Each has its own individual storefront along the main village corridor. The village also includes a salon, spa, fitness center, on-site physician and 20-seat movie theater.
Phase two is budgeted at $20 million and will incorporate a second restaurant and expanded amenities, including a "wellness pool." Comparato expects it to open in 2018. He said the company plans to add a skilled nursing care facility in phase 3.