Developer Bill Parramore has been working since 2014 on getting Casselberry government approvals for his Breezeway at Lake Marie assisted living home project. Now the site is ready to go, and all he needs is an owner-operator.
“I’ve had a lot of interest but nobody’s come forward with money to do these things,” Parramore told GrowthSpotter on Wednesday. “Whoever I do a deal with can break ground on this property tomorrow.”
Back in 2014, Parramore assembled three parcels totaling 2.13 acres along Lake Drive, south of Seminole Boulevard, paying a total of $465,000 for the land.
Parramore’s initial site plan was approved by the city of Casselberry at the end of that year. He also had the properties at 1316, 1324 and 1332 Lake Drive rezoned for commercial use.
He now has entitlements for a 40-unit assisted living facility, about 20,000 square feet in size. That space includes about 900 square feet for an in-house pharmacy, something potential investors said they wanted.
Civil engineering plans for the site by Greg Hudak of Orlando are complete, Parramore said. The last step, re-platting the property, will go before the city commission for approval July 24.
“Everything is ready; I have all the numbers for what it will cost,” he said. “I would probably have input on a general contractor but if I sell to someone they would probably want their own architect.”
Parramore said he has development experience around the country, working with such hospitality groups as Hyatt and Hilton. But now on the verge of turning 72, he wants to slow down a bit.
“I will assist with marketing,” he said. “I don’t want any fiduciary responsibility or financial responsibility.”
Potential investors he’s talked to seem to think an assisted living home specializing in memory care will be the most marketable.
“Right now, some of the things I’ve heard is if they doubled the amount of memory care (in the area) they still wouldn’t have enough to meet the needs of the Baby Boomers coming on line right now,” he said.